Mad Mex founder buys back 50% share from Singapore-based 4Fingers
The company says it will “refocus its efforts” on Australian expansion.
Mad Mex announced it is back to 100% Australian-owned, saying it has purchased back the 50% ownership stake from its venture partner Singapore-based 4Fingers International.
4Fingers acquired the stake from the Mexican chain in 2018, which was expected to drive new expansion in Asia.
Despite launches in Singapore and Malaysia, Mad Mex said the impact of COVID-19 “required an adjustment in strategy” and for the brand to “refocus on the growth opportunities in the Australian market.”
“I am proud of the achievements of our familia over the past 18 months – we have weathered the storm and emerged stronger than ever,” Mad Mex founder CEO Clovis Young said in a media release.
“Now that we’re 100% 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.”
Mad Mex has also been able to open 11 new restaurants in the past 12 months across Australia, and the company is looking to grow its store count by 20% annually in coming years. It currently operates 70 restaurants across Australia and New Zealand with a mix of company owned and franchised locations.
