Fast food chain 4FINGERS buys 50% stake in Australia's Mad Mex
It eyes to accumulate a portfolio of three retail food and beverage concepts.
Fast food chain 4FINGERS has bought 50% of Australia-based Mad Mex as part of a plan to expand in Singapore and Malaysia for the next 12 months.
According to an announcement, the deal closed on September 13th.
Mad Mex CEO and founder Clovis Young will retain management control of the Mexican brand and says he expects to see additional growth in Australia and New Zealand.
He says the brand is currently delivering 4% like-for-like sales growth over the past two quarters.
Together, both brands project total system-wide revenues of over SG$120 million for FY19.
“In 2018 we refocused on our core healthy positioning with the introduction of Kombucha, activated charcoal tortilla, a vegan-friendly Veggie Rancheros protein, and vegan cheese,” Young said. “Mad Mex has always been a favourite of gluten-free, dairy-free customers, but now that we offer our full range in vegan options, we are fast becoming a preferred dining option for the increasingly popular vegan and flexitarian consumers.”
“We are very excited with our investment in Mad Mex and look forward to working with Clovis to further grow this business in Australia and New Zealand and to rollout the Mad Mex brand in Asia,” Vijay Sethu, director of 4FINGERS, said.
“Mad Mex is the second key brand in the 4FINGERS Group. We are currently on the lookout for a third brand to complete this platform; a brand with similar characteristics to 4FINGERS and Mad Mex - strong, established, profitable and fast-growing that is easily scalable and has global potential,” Sethu added.