Hong Kong-based private equity firm PAG Asia Capital has bought restaurant chain Paradise Group Holdings from its founder owners, according to a statement.
Financial terms of the transaction were not disclosed but the investment came from the PAG’s latest buyout vehicle, the 2015-vintage PAG Asia Capital II, which exceeded its $3 billion target to hold a first and final close on $3.6 billion in December, after less than a year on the road.
Paradise founders Eldwin Chua and Edlan Chua will remain significant shareholders in the company and will keep their current positions following the deal.
Paradise Group manages and operates more than 60 restaurants across Singapore, China, Hong Kong, Malaysia, Indonesia, Myanmar, and the UK, among others. Among its brands are Seafood Paradise, Canton Paradise, and Beauty in the Pot.
The investment will be used to expand the company’s footprint in the region, especially in China, PAG group chairman and chief executive Weijian Shan said in the statement.
PAG Asia Capital, the private equity arm of asset manager PAG, which manages more than $16 billion of assets across private equity, real estate, and absolute return strategies, focuses on large-scale buyouts, control deals, and minority investments across retail, healthcare, pharmaceutical, financial services, and media companies.
Limited partners in PAG Asia Capital II include the Washington State Investment Board, which committed $200 million, and the California State Teachers’ Retirement System, which committed $150 million, according to PEI data.
Last month, PAG, together with a consortium of Chinese investors, was reportedly exploring the sale of the software division of computer printer company Lexmark, a company which PAG bought in April this year in a $3.6 billion deal.
In August this year, PAG launched its first distressed fund in China, which is targeting between $400 million and $500 million and will acquire non-performing loan portfolios in China. A first close is expected in the first quarter of 2017, according to PEI data.