Singapore-based 4Fingers has sold its half share in Mexican restaurant chain Mad Mex back to its Australian founder.
The recent sale spells the end of MadMex’s ambitious expansion plan in Asia, announced two years ago before the pandemic forced it to shift strategy.
“I am proud of the achievements of our familia over the past 18 months – we have weathered the storm and emerged stronger than ever,” said Clovis Young, founder and CEO at Mad Mex.
“Now that we’re 100 per cent Australian-owned, we can again focus all of our energies on providing as many Australians as possible with our best in class, wholesome and authentic Mexican cuisine, and set an aggressive growth strategy that will see us reaching all-new groups of consumers.”
In 2018, 4Fingers bought 50 per cent of Mad Mex as part of the Australian Mexican quick-service restaurant brand’s expansion into Asia. Under the partnership, Mad Mex launched its restaurants in Singapore and Malaysia in 2019.
Despite the disruption in the Asian market, Mad Mex has been able to open 11 new restaurants across Australia in the past 12 months. The company said it is looking to grow its store count by 20 per cent annually in coming years.