HONG KONG, April 13, 2015 /PRNewswire/ -- Institutional investors in Singapore and Hong Kong invested US$15 million into Huy Vietnam Group Limited ("Huy Vietnam" or the "Company"), 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, states, "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, comments, "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, explains, "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."
Johnny Kong, CEO of Welkin, a Hong Kong-based private equity firm, adds, "Welkin is proud to make Huy Vietnam its first China-plus investment. Huy Vietnam's vision of serving authentic, high quality food at affordable prices, combined with its proven operating model, position it well to continue its rapid expansion. We are confident in the leadership of Mr. Huy and his management team, and we look forward to working together to continue developing the Company as a leading restaurant chain in Vietnam and across the region."
Leow Kok Peng, Managing Director of Prosperous Alliance, a Hong Kong-based family office, elaborates, "Huy Vietnam is a leading F&B group in Vietnam, led by a dynamic, experienced, and proven management team. The introduction of institutional investors will further enhance the quality of its governance and help in its future expansion. Prosperous Alliance is delighted to participate in Huy Vietnam Group and is fully confident of its exciting growth plans."
Vietnam is one of the fastest growing economies in Asia, with forecast 6.5% GDP growth in 2015, and an average GDP growth of over 7% annually in the past decade. The strong GDP growth has fueled the development of the restaurant business in Vietnam due to the local culture of eating out.
About Huy Vietnam Group Limited
Huy Vietnam Group Limited is one of the first international, professionally managed restaurant chains operated in Vietnam serving traditional Vietnamese food prepared from formulated family recipes. Founded in 2007, the Company currently operates over 70 restaurants in Ho Chi Minh City and Hanoi, Vietnam serving affordable, delicious and authentic local Vietnamese cuisines in a modern and comfortable environment. Huy Vietnam has successfully built up its restaurants to offer delicious, nutritious and affordable Vietnamese cuisine across a board range of restaurant types, including, "royal" cuisine from the Hue areas, southern rice-based cuisine and northern Pho noodles under the "Mon Hue", "Com Express" and "Pho Ong Hung" brands, respectively.
SOURCE Huy Vietnam Group Limited