Aureos, an emerging markets buyout firm, has made a $4.2 million (€3.1 million) investment from its South East Asia fund in the Bangkok-based Hot Pot chain of restaurants, as it looks to triple its outlets over the next five years.
Hot Pot currently operates 60 outlets and is looking to expand to 180 outlets over five years throughout Thailand. The chain had sales of $4 million is the first quarter of 2007.
The chain’s speciality, Suki Yaki, has become a popular local dish in Thailand with a market size of about $230 million per annum.
The deal is the eighth investment by the firm’s 2004 South East Asia fund, which has $91 million under management, targeting medium sized enterprises in South East Asian countries such as Indonesia, Thailand, Vietnam.
Aureos has made a similar investment in Pancake House., a quick service restaurant chain in the Philippines.
The firm plans to double the funds it manages to $1.2 billion in the next 2 years. It is currently raising funds for a $300 million Latin America fund, and a $100 million Central Asia fund. It is also planning a pan-African fund later this year.