'Mad for Garlic' lures investment

By Park Si-soo

Korean restaurant firm Sun at Food has spun off its profitable garlic-themed restaurant chain Mad for Garlic after winning a hefty investment from a private equity fund associated with Standard Chartered Bank.

Mad for Garlic will be controlled by its holding company, MFG Korea, in which Standard Chartered Private Equity (SCPE) invested 50 billion won ($48.1 million).

It’s uncertain how much of a stake in the newly established company the buyout fund secured as a result of the investment. Sun at Food said its CEO Caroline Nam will take control of MFG Korea.

The company said its partnership with SCPE will accelerate Mad for Garlic’s expansion. Currently 30 Mad for Garlic-branded restaurants are located in Seoul and its surrounding areas. It has only four overseas restaurants ㅡ in Singapore, Indonesia and the Philippines.

With the investment, MFG Korea will focus on increasing the accessibility of Mad for Garlic restaurants in Korea, a Sun at Food spokeswoman said. She added the company will accelerate the process of expanding into overseas markets through SCPE’s global network.

MFG Korea aims to run 100 Mad for Garlic restaurants at home and abroad by 2018.