Fashion
Singapore casual dining brand 4Fingers has acquired a 50 per cent stake in Australian Mexican QSR brand Mad Mex Fresh Mexican Grill.
The move is reportedly a first step into a scalable, quality F&B portfolio ready for international expansion. Mad Mex is considered a reputable brand in Australia and New Zealand for its authentic Mexican menu with fresh, healthy ingredients.
4Fingers plans to initially build the brand in Southeast Asia, beginning with Singapore and Malaysian outlets within the next year.
Mad Mex’s founder Clovis Young will retain his position as CEO of the brand along with his 50 per cent shareholding.
The acquisition comes after Mad Mex invited investment earlier this year after posting consistently strong earnings. The chain has achieved more than 4 per cent like-for-like sales growth over the past two quarters, a sharp contrast to the broader Australian food and beverage marketplace, which is facing structural challenges.
The deal is projected to see the two groups’ combined revenue reach in excess of S$120 million for the 2019 financial year.
Young said the brand was excited to be partnering with a renowned global brand that aligned with Mad Mex’s firm focus on the customer service and quality.
“I started Mad Mex in 2006, because I absolutely love Mexican food. But there is a lot of Mexican food out there, and to be honest it’s mostly mediocre,” Young said.
“I wanted my customers to get a fast meal, but with homemade quality, made entirely of real ingredients, with the fewest preservatives, oils, and sugars possible. You should never have to choose between a quick meal and quality healthy food”.
Vijay Sethu, director of 4Fingers, said the acquisition of Mad Mex marked a significant milestone in the group’s growth strategy.
“We are very excited with our investment in Mad Mex and look forward to working with Clovis to further grow this business in Australia and New Zealand and to rollout the Mad Mex brand in Asia.”
