Jollibee’s Milksha acquires Taiwanese wellness soup brand
Homegrown fast-food giant Jollibee Foods Corp. (JFC) is expanding its product offerings and consumer base in Taiwan, this time in the wellness soup business through Milkshop International Co. Ltd. (Milksha).
In a stock exchange filing on Monday, Tony Tan Caktiong-led JFC said Milksha had signed an agreement with Tien Hsia Sheng Co. Ltd. (Moon Moon Food) to acquire 70 percent of the latter for 103.8 million New Taiwan dollars (around P183.62 million).
The transaction involves 980,000 Moon Moon Food shares for 105.92 New Taiwan dollars or about P187.85 each.
Yung-Cheng Lai, founder and CEO of Moon Moon Food, will retain ownership of the remaining 30 percent, JFC noted.
“This strategic move reinforces Milksha’s position as a leader in the tea segment in Taiwan by accretively integrating Moon Moon Food’s resources and complementary offerings to enhance ability to meet evolving customer needs, further strengthening scale, valuation and expanding [the] consumer base of Milksha,” JFC said in a disclosure.
Moon Moon Food currently has 13 outlets in Taiwan and opened its first overseas branch in Singapore in October 2024.
Once the deal is finalized, Moon Moon Food will be consolidated into Milksha’s portfolio and financial reports, according to JFC.
In 2021, the maker of the widely popular Chickenjoy meals bought 51 percent of Milksha for $12.8 million as part of its expansion into the specialty drink segment.
JFC completed its acquisition of Milksha, whose network is 93 percent franchised, in February 2022. Since then, JFC said it had grown the beverage brand’s store count by 24 percent to 327 outlets as of last year.
Subsidiary Milkshop Japan Inc. announced in September 2024 plans to open and operate Milksha stores in California, New York and Texas.
Milkshop Japan was included in the deal, while MKSA LLC, a US-based limited liability firm, was formed specifically to operate the brand in the United States.
JFC has been aggressive in its entry into the robust and highly competitive beverage segment since acquiring a 50-percent stake in Vietnam-based Highlands Coffee in 2012. Five years later, JFC increased its stake to 60 percent.
