Institutional investors in Singapore and Hong Kong have invested USD15 million into Huy Vietnam Group Limited, Vietnam's largest operator of local Vietnamese food restaurants.
This Series C round of funding will be used to support the Company's network expansion in Ho Chi Minh City, Hanoi and other cities.
Operating since 2007, the Company is one of Vietnam's first international, professionally managed restaurant companies serving traditional Vietnamese food prepared from formulated family recipes. The Company currently runs over 70 restaurants under the "Mon Hue", "Com Express" and "Pho Ong Hung" brands, serving affordable, delicious and authentic local Vietnamese cuisines in a modern and comfortable environment.
Huy Vietnam plans to continue opening additional Mon Hue, Com Express and Pho Ong Hung restaurants during the course of 2015. It also intends to expand its geographical footprint to include restaurants in Nha Trang, Hue and Dalat in the second half of 2015.
Mr. KY Huy, co-founder, Chairman and CEO of Huy Vietnam, says: "This Series C financing allows us to leverage our multi-restaurant brand strategy in Ho Chi Minh City and Hanoi and expand to second tier cities in Vietnam. Our three restaurants brands, Mon Hue (central Vietnamese specialty cuisine), Com Express (southern Vietnamese rice cuisine) and Pho Ong Hung (northern Vietnamese noodles), continue to capture market share in Vietnam."
Dennis Nguyen, co-founder, Vice Chairman of Huy Vietnam and Chairman of New Asia Partners, a Hong Kong-based private equity group and one of Huy Vietnam's shareholders, says: "We are pleased to bring on recognized investment firms, Templeton Strategic Emerging Markets Fund IV, LDC ("Templeton"), Welkin Capital ("Welkin") and Prosperous Alliance ("Prosperous Alliance"), with the close of this Series C round of equity fundraising. I especially look forward to working with Templeton on the Huy Vietnam board as it brings well-respected market analysis and corporate governance to the Company."
Mark Mobius, Chairman, Templeton Emerging Markets Group of Templeton Asset Management Ltd, who manages the Templeton Strategic Emerging Markets Fund IV, LDC, a global emerging markets private equity fund and lead Series C investor in Huy Vietnam, says: "Huy Vietnam has successfully grown its restaurant chains, satisfying local Vietnamese and foreigners alike with its cuisine and comfortable ambience. We are excited about the Company's prospects under its existing brands and others which may come. Templeton is therefore happy to be able to play a part in Huy Vietnam's growth."
