China cross-border: A helping hand
When Hony Capital bought Pizza Express for about GBP880 million ($1.5 billion) last year, the plan was to turn the UK-based restaurant chain’s nascent China presence into a commanding one. The private equity firm then built a dedicated platform for other acquisitions in the country’s highly fragmented quick service restaurant industry.
It is a classic roll-up strategy: accumulate multiple brands into a single platform with the scale and diversity of product offerings to go public. Investment and operations professionals with relevant...
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