Apax in takeover of Chinese buffet chain
Apax Partners has acquired Shanghai-based buffet-style restaurant chain Golden Jaguar for an undisclosed amount. The private equity firm is looking to take the family-owned business and expand its reach to cities across China.
Golden Jaguar launched in 2003 and currently has multiple outlets in Shanghai, Beijing and six other cities across China, in middleclass shopping malls, department stores and stand-alone locations. Each outlet can accommodate more than 500 diners. The restaurant itself serves international dishes including "limitless Haagen Dazs," according to a statement, and additionally hosts wedding banquet services.
Credit Suisse was advisor on the transaction.
According to the firm, Apax has invested approximately EUR4.3 billion ($6.2 billion) in retail and consumer businesses globally, in brands such as Tommy Hilfiger and Takko, a value fashion retailer in Europe.
In June, another Western-style buffet chain in China, Origus, received its first institutional investment from MUS Roosevelt Capital Partners. Origus manages approximately 100 pizza buffet restaurants in China's major cities.
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