Singapore-headquartered equity firm buys KFC South Korea
The firm also has a separate deal with Yum! Brands to change its management structure.
Singapore-based firm Orchestra Private Equity will acquire 100% of the stake in KFC South Korea from its current operator KG Group for a deal that is estimated to be between $48.5m and $56.6m, a report by the Korean Herald said.
The KG Group is a chemical-to-steel company that acquired KFC in 2017. The report said that the restaurant chain was put on sale more than a year ago.
The report also said that Orchestra PE also has a separate contract with KFC parent Yum! Brands to alter its operating system from a direct management system to a franchise system.
Orchestra PE is said to have also executed a separate contract with KFC's parent company Yum! Brands in order to alter the operating system from direct management to a franchise system.
There are around 190 KFC stores in South Korea.