Thai TV network Channel 3 has bought the Jeffer Steak restaurant chain in part of a strategy to diversify its business into an integrated lifestyle and entertainment company.

Wave Entertainment, a subsidiary of Channel 3, will pay 600-million-baht (US$18.2 million) for the chain which has 80 branches throughout Thailand.

The Bangkok Post reports the purchase “offers Wave a platform to build a food business, leveraging Jeffer’s existing facilities of a central kitchen and nationwide logistics network”.

Launched just four years ago, Jeffer Steak positions itself as a “fresh, delicious and affordable steakhouse” promising fresh products, fast, friendly service and fun for customers in a casual atmosphere.  It is particularly popular amongst teens and young adults – its latest branch opened on a university campus.

Matthew Kichodhan, Wave’s chairman and CEO, said the company would benefit from Jeffer’s plans to expand throughout Thailand as the country increasingly urbanises, as well as expansion planned for other Southeast Asian markets.

Earlier this year Wave acquired Thailand’s Wall Street English chain of language schools. The company plans to acquire businesses in food, education and entertainment, with a specific focus on businesses popular with teenagers and young adults.