NRD Capital acquires Mike’s Kitchen
Emerging global leader in the franchise private equity space, NRD Capital, is expanding its footprint to South Africa with its first acquisition in the country, and on the African continent, the 45-year-old iconic South African family restaurant chain, Mike’s Kitchen.
The US-based enterprise recently revealed its largest investment to date, valued at $335 million (R4.7 billion), with the purchase of the casual-dining chain, Ruby Tuesday Inc.
“Our focus at NRD Capital is to invest in quality brands and provide strategic and operational expertise to create sustainable value,” says Aziz Hashim, Founder and Managing Partner of NRD.
“With well-established brands that can be differentiated from their competitors, we are able to identify significant growth opportunities, while taking a long-term view of investing in people, product, and the customer experience. Essentially, we acquire equity within both franchise and non-franchise concepts that offer compelling unit economics and solid opportunities for franchisees,” NRD Capital said in a statement.
“NRD Capital is ecstatic about its acquisition of Mike’s Kitchen,” says Salim Shermohammed, Mike’s Kitchen’s Interim CEO and NRD’s representative in Johannesburg. “Not only because this superb company turned 45 years-old recently, but also because this iconic brand embodies everything that NRD seeks when it invests in companies. Mike’s Kitchen has remained dedicated to the brand’s core promises – wholesome high-quality food, professional service and a unique family atmosphere.”
NRD’s entry into South Africa forms part of a long-term strategy. Over the next five years, NRD plans to acquire and develop multiple brands in South Africa, and across the African continent more broadly, creating new jobs and business opportunities, through leveraging the power of franchising. NRD believes that when franchisees and franchisors work together as partners, all parties win.
“According to the McKinsey Global Institute, consumer spending in Africa is projected to reach $2.1 trillion by 2025,” said Mr. Shermohammed, “and NRD is in Africa for the long haul – to invest and re-invest in solid franchise businesses”. Source: IOL