CVC Capital purchases South Korean franchise of KFC for £57.7M
May 9, 2014
– LONDON-based private equity firm CVC Capital continued its Asian fast-food binge yesterday by snapping up the South Korean franchise of KFC.
The London-headquartered business, which is currently in the process of floating insurer Saga on the London Stock Exchange and also owns Formula One, will pay 100bn won (£57.7m) to buy the fried chicken franchise from South Korean conglomerate Doosan.
"Asians used to eat at home, but we are seeing an increasing trend to dining out across the region," CVC's Charles Huh said.
The deal is the firm's third Asian fast food acquisition in the last two months. In April it took a stake in Chinese restaurant chain South Beauty and in March bought Da Niang Dumpling, a fast food chain operating in China.
(c) 2014 City A.M.