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Standard Chartered Private Equity invests in F&B chain

Update: September, 19/2014 - 08:26

Golden Gate currently owns and operates 11 proprietary restaurant brands across more than 60 restaurants located in and around Ha Noi and HCM City. — Photo chonmua

HCM CITY (VNS) — Standard Chartered Private Equity has acquired a significant minority stake in Golden Gate Trade & Services Joint Stock Company, the country's largest domestic developer and operator of Asian full service restaurants.

The private equity arm of Standard Chartered Bank said on Tuesday that it has invested US$35 million but did not disclose how much stake it has acquired.

Last week the Mekong Enterprise Fund II managed by Mekong Capital said it had sold its share in Golden Gate for a net return multiple of more than nine times. The divestment also brought in a gross IRR (internal rate of return) of over 45 per cent on the bonds sold by the fund.

But it did not reveal who the buyer was or the price.

Golden Gate owns and operates 11 proprietary restaurant brands across more than 60 restaurants located in and around Ha Noi and HCM City.

They include Ashima, the mushroom hotpot restaurant chain and beer club chain Vuvuzela.

SCPE is expected to provide strategic input into Golden Gate's business planning and support its expansion plans.

This is its first investment in Viet Nam and the latest in a large portfolio in the region.

The company has invested $6 billion in 100 companies around the world.

Bert Kwan, SCPE's head of Southeast Asia (excluding Indonesia), said: "We are excited to have the opportunity to partner with one of the highest quality management teams in the region – a team that has demonstrated a remarkable track record of developing successful dining concepts within the country."

He and his colleague Lee Tjen Chew will join the Golden Gate board. — VNS

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