Corporate News

Max’s brings Sizzlin’ Steak to Vietnam

Posted on September 05, 2015

MAX’S GROUP, Inc. has sealed a deal to bring its homegrown brand Sizzlin’ Steak to Vietnam, according to a disclosure to the stock exchange.

The agreement will help the country’s leading casual dining chain operator assemble a network of at least 200 international branches by 2020 when it is projected to have a total count of 1,000 stores.

Max’s Group said it inked a development agreement with L Concepts Limited to establish at least 10 branches of Sizzlin’ Steak, which serves meals on a hot plate system, in Vietnam within the next five years.

“Our overseas expansion continues to gain more ground. We envision to rollout our key brands outside the Philippines with strategic franchise operators,” Max’s Group President and Chief Executive Officer Robert F. Trota.

“As new markets are established and momentum builds in the next few years, we expect the international portion of our business to be a significant contributor to system-wide sales and to our bottomline,” Mr. Trota added.

L Concepts operates leading restaurant brands, franchises and lifestyle concepts across the premium, casual and fast casual dining segments in Southeast Asia.

L Concepts is a wholly owned subsidiary of The Longfort Group, which has been operating in Vietnam for the past 25 years. The group has interests in food packaging, canned beverage production and dairy in Asia.

“We believe that Vietnam’s increasingly discerning consumer is in need of high quality F&B products and services at affordable prices and that Vietnam offers tremendous growth opportunities for those aiming to capture this space,” said TW Pang, chief executive officer of The Longfort Group.

The transaction is the third agreement forged by Max’s Group this year after inking deals to put up 15 Yellow Cab restaurants within 10 years in Saudi Arabia and another 10 Yellow Cab branches within five years in United Arab Emirates.

After entering Vietnam, Max’s Group said it plans to bring Sizzlin’ Steak, which currently operates 10 branches in Metro Manila, to the United States.

As of July, the company was operating 535 outlets across its stable of brands Max’s Restaurant, Max’s Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Dencio’s, Kabisera ng Dencio’s, Teriyaki Boy, Sizzlin’ Pepper Steak, Le Coeur De France, The Chicken Rice Shop, Singkit, Maple and Yellow Cab.

Shares in Max’s Group slid 15 centavos or 0.68% to close at P21.80 each on Friday. -- Krista Angela M. Montealegre