Wagas is easy to master, will Lululemon be far away?

Wen | Ma Lianhong

Recently, Anhong Capital, one of the world's largest and most experienced private equity investors, announced that it has acquired 60%of its equity from John Christensen, the founder of Healthy Food and Baking Chain Brands. The founder of Wagas will continue to manage the daily work of the group. The financial terms of the transaction were not disclosed.

As early as October 2021, Wagas reported the news of interested sale, the valuation was 8-1 billion US dollars, but according to industry news, the valuation of the final transaction decreased to a certain extent.

There are two major reasons for the sale of Wagas low valuations

Wagas has stabilized the Shanghai and Beijing markets, and its footprints are all over 11 other cities in China. Wagas has first created the concept of healthy and light food in China, providing energy -colored pulling, pasta, sandwiches, curry rice, creative freshly squeezed juice, boutique coffee, etc. At present, Wagas has more than 160 stores, all over Beijing, Shanghai, Hangzhou, Chongqing, Chongqing For 11 cities, these stores are distributed in core business districts such as Vientiane City, Taikoo Li, Taikoo Hui, Sanlitun, and Airport. Its main consumer groups are young white-collar workers aged 25-35. (Related reports: How can I make urban white -collar workers buy and buy with a valuation of 600 million US dollars?)

In addition to Wagas, the company also has 9 major brands. In 2010, Wagas launched a new boutique baking retail store in Shanghai, Baker & Spice, focusing on providing European bread, acid bread, west dotes and cakes. However, "Baker & Spice" has now developed into a boutique food restaurant. In addition to handmade bread, it also provides food such as brunch, Vietnam -style river powder, imported wines. At present, there are more than 35 Baker & Beijing, Beijing, Chengdu, and Suzhou. SPICE store. In Christmas in 2017, Wagas launched an upgraded version of the brand in Shanghai, Lokal, which provides healthy western simplified meals such as rock grilled chicken, cheese beef burger, and brunch platter. At present, there are 6 Lokal stores in Shanghai.

Wagas has entered the Chinese market for more than ten years. Why is it suddenly easy? There are two views in this industry: First, the founder's personal reasons. Wagas founder John Christensn is a Danish "Shanghai Drifting". It is said that the Danish guy working in Shanghai decided to open a Western -style restaurant because he could not find delicious sandwich. In 1999, Wagas was established in Shanghai. In 2001, Jackie, a Chinese woman from Australia, joined Wagas as the manager of CITIC and Taifu, and later became the executive partner of the brand. According to industry news, since the epidemic in 2020, John, founder of Wagas brand, considers returning to China for family reasons, so he intends to sell it.

The second is due to changes in the light food industry. "This year is the worst year of the catering industry in the past 10 years, and perhaps the best year in the next 10 years." In 2019, Meituan CEO Wang Xing made a word. Since the epidemic, light food operations that have rely on offline consumption scenarios have been challenged.

At the end of 2021, another 19 -year -old net red light food restaurant "New Element" in China issued a bankruptcy and liquidation notice, and mentioned in the "Letter to the Fans of the New Element" that the new elements have been in the past more than a month in the past more than a month. After closing several direct -operated stores, the company will continue to examine business conditions and make corresponding operation adjustments in the next few weeks. Customers who hold new element gift cards and cash coupons will guarantee a refund service.

Therefore, Wagas may encounter the same operating difficulties as new elements, so I have to choose to sell.

New East Anhong Capital was once Lululemon's Bole

Wagas's acquisition of Anhong Capital this time will undoubtedly be the largest acquisition in the lighting industry this year.

The news that Wagas had intentionally sold before has attracted the attention of multiple capitals. It is understood that Yum! China Holdings Co., Ltd., the Philippine catering brand Jollibee, and RBI of the Burger Mother Company have also participated in the bidding WAGAS with a valuation of 500 million to 600 million US dollars.

In the end, Wagas was among the world's largest and most experienced private equity investment funds, Anhong Capital's income. An Hong Capital was founded in 1984 and headquartered in the United States. It is one of the world's largest and most experienced private equity investment funds. Since its establishment, Anhong Capital has completed more than 390 private equity investment in 41 countries. The company's asset management scale exceeds $ 100 billion. The company has set up 15 offices in 12 countries around the world and has a global team with more than 265 private equity investment professionals, including North America, Europe, Latin America and Asia.

Anhong Capital focuses on five core investment areas: business and financial services, medical and health, industry, retail, consumer goods and leisure, and technology. Among them, more well -known companies include sports brands Lululemon, FIRST WATCH, a breakfast chain in Nasdaq, and The Coffee Bean & Tea Leaf, a popular coffee shop in Singapore.

Asia is also an important investment map of Anhong Capital. In September 2012, Anhong Capital established an office in Shanghai, and then established an office in Hong Kong in September 2016. Over the past 10 years, Anhong has invested nearly 10 billion yuan in Greater China and other regions, especially focusing on consumer goods and leisure, medical health, commerce and financial services, industry and technology industries. In China Anhong Capital, several successful companies have been created, including Dream Group, Pao Nuo Sandia and Guangsheng Group. According to Anhong Capital, the cooperation between Wagas and Anhong Capital will help expand its layout in the Chinese market and strengthen brand building, including product supply and menu development, operation infrastructure and system construction. Jackie Yun, the founder of Wagas John Christensn, said that Anhong is a "ideal partner" to help the group further stabilize the business foundation and support business expansion in Greater China.

The acceptance of Anhong Capital or bringing wider development prospects to Wagas. Take Lululemon as an example. In 2005, Anhong Capital injected Lululemon, and since then, Lululemon officially opened the road of rapid expansion. Initially, Lululemon only set up headquarters in Canada, and there were a few stores in the United States. After that, Lululemon opened stores in other American cities such as Los Angeles, San Francisco, as well as farther cities such as Japan and Sydney. Two years after being injected by Anhong Capital, Lululemon successfully listed on Nasdaq.

In the past, Wagas's development has always been "conservative" and does not accept any joining. Although there are hundreds of stores in China, this volume is obviously smaller than traditional catering brands such as Haidilao. WAGAS executives have stated that the brand insists on direct business, does not join forces, does not accept third -party investment, and has complete control over the company.

After Anhong Capital takes over, it will undoubtedly provide better resources for WAGAS, expand its layout in the Chinese market, and strengthen brand building, including product supply and menu research and development, operation infrastructure and system construction. Helps brand to develop the national market.

Note: The pictures used in this article are from the Internet

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