Dunkin’s parent company, Dunkin’ Brands Group, based in Canton, Massachusetts, confirmed to the Associated Press on Wednesday (January 7) that it had signed the contract with a consortium in which Jollibee participated.
Philippine media reported that Jollibee earlier disclosed to the Philippine Stock Exchange that the joint venture consortium would invest $300 million in this project.
Dunkin’s currently has 8,000 stores in the United States and 3,200 stores worldwide. According to information on Dunkin’s China’s official website, the company currently has 22 directly-owned stores in Shanghai, Zhengzhou, Xi’an, Xianyang, Shenyang and Fushun.
A year ago, Dunkin’s also signed a cooperation agreement with Fast Gourmet Group to open more than 100 new stores in East China.
Jollibee is a well-known fast food brand in Southeast Asia. It currently operates a branch in Hong Kong under the Cantonese name Jollibee. It briefly operated its own brand in mainland China, and then acquired Yonghe King, Hong Zhuangyuan and Sanpinwang to operate.
Jollibee signed a cooperation agreement with Dunkin’ Donuts through another joint venture consortium. Jollibee holds a 60% stake in the company called “Golden Cup Private Limited” through its subsidiary Jollibee Global.
The other party in the joint venture consortium is “Jasmine Asset Holdings”, whose parent company is RRJ Capital, a private equity fund headquartered in Hong Kong.
The Associated Press quoted Kalinowski, an analyst at investment bank Janney Capital, as saying that if this joint venture consortium is successful, it will provide Dunkin’ Donuts with a “good international growth platform.”
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