Taiwanese Brands Gain Global Reach Through Foreign Capital Acquisitions

Foreign capital has played a significant role in reshaping Taiwanese companies, often providing the "international framework" for "Taiwanese brands" to compete globally. A classic example is the acquisition of Nien Made, a curtain manufacturer, by European private equity firm CVC in 2007. CVC purchased the company for approximately NT$18 billion, delisted it, and then relisted it after an eight-year transformation. During this period, CVC aggressively cut low-margin OEM businesses, shifting the focus entirely to the high-end customized window furnishings market in the United States. Today, Nien Made is a global window furnishings giant with a market value exceeding NT$100 billion.

Another notable case involves KKR's acquisition of Chang Chun Petrochemical in 2018 for about NT$47.8 billion. KKR was not primarily interested in traditional bulk petrochemicals but rather in Chang Chun's key technologies for semiconductor solvents and specialty chemicals. Leveraging KKR's extensive global network, Chang Chun accelerated its high-end material upgrades and expanded its supply chain to the United States and the Middle East. This transformation turned the company from a long-standing local petrochemical firm into a crucial supplier of cross-border semiconductor materials.

In the food and beverage sector, the "Taiwanese brand, foreign skeleton" model is often geared towards gaining an "international ticket." In 2021, Philippine fast-food giant Jollibee acquired a 51% stake in the Taiwanese bubble tea brand Milksha for over NT$360 million. Through Jollibee's international distribution channels, Milksha rapidly expanded its overseas markets. More recently, in early 2024, Jollibee, through Milksha, acquired a 70% stake in the popular Taiwanese restaurant "Shuang Yue Food" for approximately NT$103 million. Shuang Yue has been recognized with Michelin Bib Gourmand recommendations for seven consecutive years. This "mother hen leading chicks" acquisition strategy has successfully integrated Shuang Yue into Jollibee's global expansion plans.