Subsidiaries of Funds advised by Apax Partners (Apax) have completed the acquisition of the Golden Jaguar restaurant chain in the People’s Republic of China.
Founded in 2003 and headquartered in Shanghai, Golden Jaguar has grown rapidly in recent years and now has multiple locations in Shanghai and Beijing as well as six other cities across China. The buffet-style restaurants serve China’s rising urban middle classes and offer their customers a huge array of Chinese and international dishes including limitless Haagen Dazs. Golden Jaguar also provides wedding banquet services to thousands of Chinese couples per year.
Located in shopping malls, department stores and stand-alone locations, the stores are roughly the size of an American football field, and can accommodate 500 or more diners in one sitting, making them ideal anchor tenants for new large-scale shopping centres in Chinese cities.
Apax will leverage its expertise in fast growing consumer businesses to invest in the business and accelerate the expansion of Golden Jaguar’s proven format into cities across China. It will also assist in the transition from a family-owned business to a professionally run operation.
Richard Zhang (pictured), Partner at Apax and Head of Apax Greater China, says: "Apax is focused on identifying and capturing consumer and retail opportunities that capitalise on China’s continued domestic consumption growth. Golden Jaguar has an attractive business model and a proven track record. We believe there are substantial opportunities to extend the company’s footprint across China while continually improving operational performance in the years to come. The Retail and Consumer Group and the local China office worked seamlessly together on this opportunity to invest significant capital in Golden Jaguar."
Alex Pellegrini, Partner in the Retail and Consumer Group at Apax, says: "We are excited to kick off this new chapter in the history of Golden Jaguar. We look forward to partnering with Golden Jaguar’s existing management team to accelerate the growth of the business."
Credit Suisse provided certain financial advisory services to Apax on this transaction.
