South Korean chicken chain, Mom’s Touch, is seeking a new owner after voluntarily delisting from the Kosdaq stock market, according to The Korea Herald.
KL & Partners’ investment arm, Korea F&B Holdings, which is the chain’s largest shareholder, proposed to purchase shares for the next six months in order to protect minority investors.
As of the first quarter of this year, Mom’s Touch has 1352 stores across its home country. The company’s value is estimated at about US$804 million – nearly three times the amount Korea F&B Holdings invested to acquire the chain in 2019.
The chain expanded to the US late last year with the ambition to open 100 stores in the country by 2025. On the other hand, Mom’s Touch Singapore, operated by No Signboard Holdings’ wholly-owned subsidiary Hawker QSR, ceased its operations at all outlets last February.
Meanwhile, its rival, Popeyes, is making a return to South Korea through an exclusive master franchise agreement with Silla Group, after exiting the country in 2020. The chain will open its first store by the end of this year.