Hong Kong’s Tam’s Yunnan Rice Noodles chain sold
Hong Kong restaurant business Tam’s Yunnan Rice Noodles has been snapped up by a Japanese investor for JPY 15 billion, or about HK$1 billion, (US$128 million).
The buyer is reported by Japan Economic News as Toridoll Holdings, which operates Japan’s Marugame Seimen, a Japanese udon restaurant chain. It is Toridoll’s largest acquisition yet.
Tam’s Yunnan Rice Noodles is owned by Jointed-Heart Catering Holdings Limited. It was founded in the 1990s and has about 50 restaurants in Hong Kong. Annual sales are estimated at about HK$693 million.
Toridoll has about 890 restaurants in Japan and another 340 offshore.
According to the Japan Economic News, the company plans to expand the store network in Hong Kong and expand into Mainland China.