Global private equity firm, Advent International (Advent), has acquired a 60 per cent interest in China-based F&B restaurant group Wagas for an undisclosed sum. 

Founded in 1999, the multi-brand restaurant group operates around 250 locations in the country across several F&B brands, including Wagas, Baker and Spice, Funk & Kale and Lokal brands. Under the agreement, Wagas’ founding shareholders will continue to manage the business on a day-to-day basis. 

“We are highly impressed with Wagas’ people and culture, its dedication to quality, and its longstanding partnerships with top mall operators in China,” said David Chen, principal of Advent. 

Andrew Li, MD and head of Greater China at Advent, said the acquisition plays Advent’s track record in the consumer and leisure sectors and its commitment to supporting industry-leading and innovative businesses in the country. 

The partnership is expected to help Wagas further expand its footprint across China and boost investment in the brand, including its product offerings, menu innovations and operational infrastructure and systems.

In the past 30 years, Advent has completed 395 private equity investments across the retail, consumer and leisure sectors in 41 countries, including Lululemon, First Watch, The Coffee Bean & Tea Leaf, and Bojangles.

“We believe Advent is an ideal partner to further strengthen our foundation and support us with our continued expansion across Greater China,” said John Fohlmann Christensen, founder of Wagas and Jackie Yun, managing partner of Wagas. 

“Advent’s success in helping customers integrate consumer products into customers’ lives aligns perfectly with our ‘Eat Well, Live Well’ mantra.”