Chinese private-owned conglomerate Fosun Group has acquired a minority stake in Malaysian F&B group, Secret Recipe.
Fosun has invested 210.5 million yuan (US$30.7 million) in Secret Recipe, which will fund expansion in China.
Secret Recipe, which mainly serves cakes and Western and Southeast Asian fusion food, entered China in 2007 and now has more than 50 outlets there.
“Secret Recipe has attained very strong brand positioning in Malaysia being notable in Euromonitor International 2013 research within the Top 3 Most Valuable F&B Brand in Malaysia. We believe we can bring other markets to similar levels and will strive to work and achieve with strong partners like Fosun Group in our market expansion,” said Secret Recipe Group CEO Dato’ Steven Sim.
The restaurant chain plans to have more than 100 outlets across China by 2015.