Saigon’s popular American BBQ chain, Quan Ut Ut, has recently been acquired by Red Work Cuisine.
As Deal Street Asia reported, Red Wok Cuisine announced last week that it has acquired Quan Ut Ut Co. Ltd. for an undisclosed amount. The company currently operates four restaurants from two chains in Saigon: American BBQ joint Quan Ut Ut and BiaCraft, a craft beer hangout.
Apart from the financial support, the deal will also allow Quan Ut Ut to obtain access to Red Wok’s expertise in financial management consulting, human resources, IT, marketing and market development, the latter shared in a statement.
“Red Wok is a great partner to have on board. Through this collaboration and by leveraging each company’s strengths, we look forward to innovative growth, new perspectives and challenging the status quo,” Tim Scott, Quan Ut Ut’s general director, told Deal Street Asia. “We are excited about the opportunity to bring our American BBQ and Craft Beer concepts to an even wider audience.”
Established in 2014, Quan Ut Ut has since become one the city’s top destinations to enjoy American-style grilled dishes. It started as a niche hangout place for expats, but has attracted a sizeable Vietnamese clientele over the years.
Red Wok CEO Tran Thi Lan Anh told the news outlet: “We decided to invest in Quan Ut Ut in the belief that they are popular barbecue and craft beer restaurant chains in Sai Gon and hold strong potential for developing nationwide.”
Last June, the Mekong Capital-backed Wrap & Roll company officially changed its name to Red Wok Cuisine Joint Stock Company. At the moment, it owns three Vietnamese restaurant chains: Wrap & Roll, Cuon Viet and Lau Bo Sai Gon.
[Photo via Adventure Faktory]
