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Mexican fast food chain Mad Mex is once again 100 per cent Australian owned after the company bought out its 50 per cent Singaporean joint venture partner this week.
The company has acquired Singapore-based 4Fingers International’s stake in the company, which the JV partner first bought back in 2018.
At the time, the company split its ownership 50-50 with 4Fingers and Clovis Young, the founder of the popular Mexican food brand.
It was intended the deal would fuel overseas expansion for the brand, but according to Mad Mex, despite successful launches in Singapore and Malaysia, the impact of COVID-19 “required an adjustment in strategy”.
Mad Mex says in order to refocus on growth opportunities at home and to maintain agility Clovis Young bought out the 50 per cent investor to have 100 per cent ownership once again.
“I am proud of the achievements of our familia over the past 18 months – we have weathered the storm and emerged stronger than ever,” Mad Mex CEO Clovis Young, said.
“Now that we’re 100 per cent Australian-owned, we can again focus all of our energies on providing as many Australians as possible with our best in class, wholesome and authentic Mexican cuisine, and set an aggressive growth strategy that will see us reaching all-new groups of consumers.”
Despite ongoing disruption, Mad Mex has been able to open 11 new restaurants in the past 12 months across Australia, and the company is looking to grow its store count by 20 per cent annually in coming years.
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