Unitas exits Chinese noodle shop chain

It was one of only four investments left in the PE firm’s portfolio, following the decision in 2016 to abandon plans to raise a fourth fund and wind down operations. Unitas acquired a majority stake in the business in 2013 for an undisclosed sum. The sale price has not been revealed either.

Founded in 2009 and based in Shanghai, Gourmet Noodle House is said to have grown from a single shop into one of the largest noodle restaurant chains in China. It is claimed that 50 new outlets were opened during Unitas’ holding period, with revenue increasing threefold. The company now has 90 outlets listed on its website.

GreenTree operates nearly 2,200 hotels, the majority of which are based in mainland China, although it has some properties in overseas markets. This is not the first time it has bought a quick service restaurant business from private equity. Last year, the company acquired Da Niang Dumpling Holdings from CVC Capital Partners after a reportedly difficult holding period.

Alongside the announcement that Unitas would not raise a new fund, the firm’s China team joined Permira but continued to manage the China portfolio. This includes condiments producer Jiahao Foodstuff, surveillance technology firm ZNV, and Hyva Holdings, a hydraulic cylinder manufacturer of European origin that has a strong presence in China. They come from Unitas’ $1.3 billion third fund.

BDA Partners advised on the Gourmet Noodle House transaction.

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• Topics
• Greater China
• Trade sale
• Consumer
• China
• Unitas Capital
• Exit