The private equity arm of Standard Chartered on Tuesday announced that it has acquired a significant minority stake in a Vietnamese restaurant chain operator through an equity investment of US$35 million.
Standard Chartered Private Equity (SCPE) bought a $35 million stake in Golden Gate Trade & Services JSC, the owner and operator of 11 restaurant chains in Việt Nam, the company said in a news release.
The equity firm will help develop business strategies for Golden Gate and support the Vietnamese company in expanding its restaurant chains.
Golden Gate currently operates 60 restaurants of 11 different brands in Hà Nội and Hồ Chí Minh City, including such popular names as Kichi Kichi, SumoBBQ, Vuvuzela, Isushi, Ba Con Cừu, Daruma, and Gogi House.
These are considered the largest Asian restaurant chains in Việt Nam.
SCPE reportedly acquired the stake from Mekong Capital, a Vietnamese private equity firm, according to the Wall Street Journal, which cited a source with direct knowledge of the sale.
Mekong Capital purportedly invested $2.6 million in Golden Gate in 2008, and two years later started to partially sell off its holding, the Wall Street Journal said.
The deal marks Standard Chartered Private Equity’s first investment in Việt Nam, the company said.
Nirukt Sapru, general director of Standard Chartered Việt Nam, said the bank has reasserted its long-term commitment in Việt Nam through the deal.
“Standard Chartered Private Equity is a suitable partner thanks to its region-wide network.”
Golden Gate CEO, Đào Thế Vinh, said in a statement.
Standard Chartered Private Equity Limited is a private equity and venture capital arm of Standard Chartered specializing in investing in balance sheet restructuring, expansion and growth capital, acquisitions, and management buyouts.
The company has invested some $6 billion in 100 companies in markets where Standard Chartered operates.
Source: Tuổi Trẻ News