In December 2013, CVC completed the acquisition of Da Niang Dumplings Holdings Limited from the Company's founder and sole shareholder.
Da Niang is the number three Chinese-cuisine QSR player by store count and the number one dumpling restaurant chain in China. Founded in 1996, Da Niang has built a network of over 440 restaurants (as of end of 2013) across China covering over 90 cities in 19 provinces, with the majority of those restaurants self-owned and the remaining franchised or managed. The company operates an integrated business model covering dumpling manufacturing, restaurant operations and frozen dumpling wholesale under two mass-market brands, Da Niang Dumpling (the core brand) and QJWH (rice and noodle offerings).
Chinese Quick Service Restaurant (CQSR) has been a fast growing sector in China, following the fast urbanisation trend in recent years. Over the last 18 years, Da Niang Dumplings has been growing steadily and becoming a strong CQSR market leader, particularly in Eastern China region. I believe that, with its strong foundation and the huge resources and capabilities that CVC has now provided, the company is well positioned to capture the huge market potential in China and Da Niang Dumplings will continue to grow and become one of the largest CQSR brands across the country.