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SINGAPORE – Food and beverage outlet Jumbo Group announced on Thursday (November 26) its proposal to acquire the popular street vendor stand Kok Kee Wanton Noodle for $ 2.1 million.
He will take a 75 percent stake in the 35-year-old wonton noodle stand. The remaining 25% will be held by Kok Kee’s owner Leong Goh Lian.
Once the acquisition is completed, Kok Kee will become an indirect subsidiary of the Jumbo Group, which will have the exclusive rights to develop a franchise system for Kok Kee in Singapore and abroad.
Kok Kee, known for its stretch noodles and lard-based chili sauce, started in 1985 in the now-defunct Lavender Food Square, before moving to the Hoa Nam building in Jalan Besar. After a three-year shutdown, it returned last year to its current location at the Bistro 8 cafe on Foch Road.
In its announcement, Jumbo Group stated that it is exploring opportunities to expand its brands. He added: “Supporting and participating in a day-to-day staple food concept will accelerate Jumbo’s advancement in the local mass segment.” In a separate report, the group also announced a net loss of approximately $ 8.2 million for the financial year ended September 30.
Brands under Jumbo include the flagship Jumbo Seafood, Ng Ah Sio Bak Kut Teh, and Zui Yu Xuan Teochew Cuisine. On December 3, the group will launch its new virtual brand Hack It, which specializes in the delivery of seafood.
Ang Kiam Meng, CEO and CEO of the group says: “I am a fervent lover of local street food and I firmly believe that Singapore has a unique food culture that must be preserved and propagated.
“In recent years, a more pioneering generation of street vendors is closing blinds due to old age and a lack of successors. This proposed acquisition is not only strategic to the group’s business goals, but also enables Jumbo to play our role as Singapore company to preserve and promote our traditional Singapore flavors and dishes. “
Another high-profile acquisition that took place earlier this month is BreadTalk Group’s deal, for an undisclosed sum, with the street vendors behind First Street Teochew Fish Soup on Upper Serangoon Road.
The 32-year-old brand is known for its signature broth simmered with chicken, pork and fish bones for at least four hours.
Their first new store under the partnership launched on November 11 at BreadTalk IHQ’s Food Republic food court, with more stores likely to open in the future.
BreadTalk Group’s portfolio of brands includes Din Tai Fung, Song Fa Bak Kut Teh, and Toast Box.
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