DLA Piper has advised Fosun International on its ¥210.5m (£20.5m) investment in and strategic partnership with food and beverage chain Secret Recipe, to become the second-largest shareholder of Malaysia’s well-known restaurant chain.
Established in 1997, Secret Recipe is south-east Asia’s largest casual dining chain group, with more than 300 restaurants across Asia. It also holds a strategic partnership with Darden Restaurants, a New York Stock Exchange-listed restaurant chain in North America with famous brands such as Red Lobster, Olive Garden and LongHorn Steakhouse.
This is the first investment by Fosun into an overseas restaurant chain and is aligned with its strategy of investments in overseas assets in sectors that would significantly benefit from China’s growth momentum, with a view to participating in the rapid development of China’s economy.
The DLA Piper team was led by partner Heng Loong Cheong (corporate, Hong Kong) and supported by a core team of Angela Cheung, Farrah Saleem, Janice Ma and Christopher Elliott (all corporate, Hong Kong).