Asian investors scoop up Wendy’s
Smh:
Australian ice cream specialist Wendy’s hopes to begin a new phase of innovation and growth after being acquired by its senior management and a private Asian equity firm.
The ice cream company said it had been acquired by investment company Navis Capital Partners as well as its own senior management for an undisclosed sum.
“Wendy’s has been around for a very long time and is loved dearly by many and this acquisition is about taking the company to where it can go,” new chief executive Nicola Milne said.
“It’s one of opportunity and innovation and will provide the capital and strategic capabilities to foster growth.
“The brand remains an established and well-respected part of the Australian culture and this move will benefit all stakeholders.”
Wendy’s, which began selling sundaes in plastic champagne glasses in Adelaide in 1979, now boasts about 300 stores across Australia, New Zealand and South East Asia.
Ms Milne said Wendy’s will focus on consolidation in the short term before turning to expansion.
“The next few months are going to be about consolidating and seeing where the company can go,” she told AAP.
“There is certainly opportunity in both Australia and New Zealand and we will make sure that is very clear, focussed and targeted.
“We will begin the expansion program after that and look at how we can further the brand.”
Ms Milne said the acquisition has also given “the people who run the business” the opportunity to become its owners.
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