Huy Vietnam Group Ltd, the country’s largest restaurant chain, has secured $15 million in funding from institutional investors in Singapore and Hong Kong.
Templeton Asset Management, through its emerging markets private equity fund Templeton Strategic Emerging Markets Fund IV, LDC was lead investor in the series C round of equity funding. Other investors were Hong Kong-based private equity firm Welkin Capital and Hong Kong family office Prosperous Alliance.
“We look forward to working with Templeton on the Huy Vietnam board as it brings well-respected market analysis and corporate governance to the company,” says Dennis Nguyen, co-founder, vice chairman of Huy Vietnam and chairman of New Asia Partners, a Hong Kong-based private equity group.
The series C round of equity funding will be used to support the company’s expansion in the country.
“The 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,” says KY Huy, co-founder, chairman and CEO of Huy Vietnam.
The company, which started operation in 2007, currently runs over 70 restaurants under three brands: Mon Hue, which offers central Vietnamese specialty cuisine; Com Express that serves southern Vietnamese rice cuisine; and Pho Ong Hung serving northern Vietnamese noodles.
Huy Vietnam plans to open new Mon Hue, Com Express and Pho Ong Hung restaurants this year. It plans to expand its geographical footprint to include restaurants in Nha Trang, Hue and Dalat in the second half of the year.
