The Philippines’s Jollibee Foods is taking a 70% stake in Taiwanese soup brand Moon Moon Food, while Asian healthcare services provider Zuellig Pharma has acquired local multivitamin brand Propan.
Jollibee acquires soup brand for $3m
Philippine F&B group Jollibee Foods Corporation has acquired a majority stake in Tien Hsia Sheng Co (Moon Moon Food), a popular wellness soup brand in Taiwan, for NT$103.8 million ($3.17 million).
Jollibee said the deal, carried out by its subsidiary Milkshop International Co Ltd (Milksha), involves purchasing 980,000 shares at NT$105.92 each, giving it a 70% stake in Moon Moon Food.
Founder and CEO Yung-Cheng Lai will retain a 30% minority interest in the company.
Moon Moon Food operates 13 profitable outlets in Taiwan and opened its first international branch in Singapore last year. The brand has been recognised by the Michelin Bib Gourmand for seven consecutive years.
Per the announcement, Moon Moon Food will be integrated into Milksha’s portfolio and financial reports, with JFC absorbing 51% of any acquisition impact on Milksha.
Milksha aims to leverage Moon Moon Food’s resources to enhance its offerings and expand its consumer base in Taiwan’s growing tea market.
Zuellig completes acquisition of Propan
Zuellig Pharma, a healthcare services provider in Asia, has completed its acquisition of Propan, a multivitamin brand in the Philippines, for an undisclosed amount.
Zuellig acquired Propan from ADP Pharma Corporation, marking its continued expansion into Asia’s consumer healthcare segment. Propan, a well-established Filipino brand known for its prescription capsules and paediatric syrups, has been distributed by Zuellig since 2018.
“This acquisition also reinforces our commitment to the Philippines market and enhances our ability to serve the evolving needs of consumers,” said John Graham, CEO of Zuellig Pharma.
Zuellig Group was founded in 1922 by businessman Frederick Zuellig, who moved to Manila from Switzerland.
