News

Abraaj Group exits Pancake House

February 27, 2014

The Abraaj Group has exited its investment in Pancake House Inc., one of the largest fast casual dining chains in the Philippines, according to theasset.com. The group sold its stake in PHI to Max's Group, a another fast casual dining chain in the Philippines.

The Abraaj Group invested in Pancake House in 2005, facilitating its expansion from 89 stores to 300, as well as overseeing PHI's acquisition of the Japanese cuisine chain, Teriyaki Boy. Following a second investment in 2009, Abraaj also supported PHI in other acquisitions of a couple other local brands, Le Coeur de France, a French bakery, café and restaurant, and Yellow Cab Pizza, a New York-style pizza and pasta restaurant, according to the story.

The partnership also resulted in the formation of a joint venture between PHI and Malaysia's The Chicken Rice Shop Group, which has 16 units in Malaysia, Singapore, Taiwan and the Philippines.