Actis backs Chinese casual dining chain

Founded in 2001 in Shanghai by the Lin Family, the company - renowned for its Taiwanese-style dishes and shaved ice desserts - has 35 restaurants across various Chinese cities, as well as in Macau and the Philippines.

Actis was attracted to the firm after it achieved high ratings for brand awareness and customer advocacy in a consumer survey conducted by the investor.

The fresh capital will enable Bellagio to expand its restaurant network in top-tier Chinese cities such as Beijing and Shanghai, and second-tier cities, including Nanjing, Wuhan and Fuzhou, where spending patterns are rapidly catching up with those of the first tier.

Actis is installing the former COO of restaurant brand operator Yum Brands China, Joseph Han, as the new chairman and CEO of Bellagio. Fred Lin will remain at the company as general manager, while a number of new hires have been made in operations, finance and product development.

"We are proud to have been selected as Bellagio's private equity partner," commented Meng Ann Lim, head of China and Southeast Asia at Actis. "The Lin Family has established an immensely successful brand and created a uniquely people-oriented culture in Bellagio. With Mr Han at the helm, we are confident of taking the company to new heights."

The transaction comes after Actis bolstered its China investment team with the hiring of Max Lin earlier this month. Lin, who will be based in Beijing, previously worked at Hopu Investment Management, having joined the China-focused GP in 2008 as part of the founding team.

Actis has $5 billion under management across Asia, Africa and Latin America. About 18% of the private equity firm's investments are based in China and Southeast Asia with $680 million currently invested in the region. Portfolio companies include hot-pot chain Xiabu Xiabu and catering equipment manufacturer Vesta.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• Actis Capital
• Consumer
• Growth capital