Standard Chartered pours $35 million into Vietnamese restaurant chain
The Golden Gate Company is the owner of the largest Asian food restaurant chain in Vietnam. It currently owns and operates 11 exclusive restaurant brands, with more than 60 restaurants in Hanoi and Ho Chi Minh City as Ashima, Kichi Kichi, SumoBBQ, Vuvuzela, and iSushi.
This is the first investment of Standard Chartered Private Equity in Vietnam and its most recent transaction in Southeast Asia.
In addition to the transfer value, detailed information about the volume of shares, the percentage ownership and specific agreement was not disclosed. However, Standard Chartered Private Equity said it will participate in making the business strategy of the Golden Gate and assisting the firm to expand its restaurant chain.
Mr. Bert Kwan, Regional Director, South East Asia (excluding Indonesia) of Standard Chartered Private Equity, and his colleague Lee Tjen Chew will join the Board of Directors of the Golden Gate.
SCPE’s announcement came after Mekong Capital, a Vietnamese private equity firm, said it had exited its investment in Golden Gate, resulting in a net 9.1-fold return on its investment.
Mekong Capital reportedly invested $2.6 million in Golden Gate in 2008, and two years later started to partially sell off its holding, according to the Wall Street Journal. Its original stake wasn’t disclosed.
