Carlyle, Yum China eye Jardine KFC and Pizza Hut assets

Private equity firm Carlyle Group and restaurant operator Yum China Holdings are among bidders competing to acquire a fast-food business owned by Jardine Matheson, according to sources familiar with the matter.

The unit, which operates KFC and Pizza Hut outlets across several Asian markets including Hong Kong, Taiwan, Vietnam, Myanmar and Macau, could be valued at around $400 million, the sources said, News.Az reports, citing Reuters.

Other interested parties reportedly include Taiwanese food group Uni-President Enterprises and several private equity firms. Non-binding bids for the Jardine Restaurant Group are expected this week.

The business operates roughly 1,000 outlets and employs around 25,000 people, with estimated annual core earnings of $35 million to $40 million, according to the sources.

Fast-food chains in Asia have attracted strong investor interest in recent years due to urbanization, a young consumer base, and growing demand for affordable dining. The broader Asia-Pacific fast-food market is projected to grow significantly over the next decade.

Carlyle has previously been active in the sector, including investments in KFC operations in Asia, while Yum China already operates major Western fast-food brands across mainland China.

Jardine Matheson is reportedly considering either a partial or full sale depending on valuation and deal structure, as part of a broader strategy to refocus capital on core businesses.

The potential sale follows recent portfolio adjustments by Jardine, including moves involving hospitality and retail assets as it reshapes its long-term investment strategy in Asia.

News.Az 

By Aysel Mammadzada