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Hong Kong investment company Pacific Alliance Group (PAG) is bidding for a 100 percent share of South Korean burger chain Mom’s Touch & Co.
In July, Mom’s Touch’s owner, private equity group KL& Partners, recruited Bank of America Securities as a lead manager for the bidding process, hoping to get $801.9 million for the deal.
But with the purchasing frenzy having subsided in recent months, KL& Partners expects to close the Mom’s Touch sale at a reduced price.
Goldman Sachs, Yum!, Brands, and CJ Group, one of South Korea’s largest family-owned business enterprises, have expressed interest in the acquisition but did not participate in the bidding process.
Mom’s Touch, founded in 1998, has 1363 stores, the most among Korean fast-food chains.
It has operations overseas, including in Vietnam.
PAG’s strategy is to expand in Asian markets and purchased Gyro Holdings, the operator of a portfolio of restaurant and cafe brands in Japan, last year.
