Singaporean restaurant chain Paradise Group has bought back shares from Asian investment firm PAG to regain full ownership, according to a company statement on Thursday.
Financial terms of the transaction were disclosed.
PAG first invested in the restaurant chain in 2016, also at an undisclosed amount. The company’s original shareholders, its founder owners Eldwin Chua and Edlan Chua, remained at a significant stake after the deal.
Following the buyback, Paradise Group aims to double its restaurants to 300 stores globally by 2028, according to the statement.
Paradise Group operates 14 brands with close to 150 outlets in 12 regions, including Singapore, Malaysia, Indonesia, China, Hong Kong, Taiwan, Philippines, Myanmar, Vietnam, Cambodia, Thailand, and the US.
Headquartered in Hong Kong, PAG manages capital on behalf of nearly 300 global institutional investors and approximately $55 billion in assets under management (AUM), across real assets, credit & markets, and private equity.
Last month, PAG was reportedly concluding the fundraising for its latest buyout fund at $4 billion, less than half of its original target of $9 billion, according to Bloomberg, after already having slashed its target to $6 billion for the fund.
Earlier this year, the investment firm racked up a fresh commitment of $100 million from Teacher Retirement System of Texas (TRS) for its latest opportunistic real estate fund, Secured Capital Real Estate Partners VIII.
