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Famous Brands buys Mugg & Bean

Jul 27 2009 12:17 Fin24.com reporter

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Johannesburg - Fast foods group Famous Brands announced on Monday it reached an agreement to buy the holding company of coffee and restaurant chain Mugg & Bean.

Famous Brands, which also owns Wimpy, Steers and Debonairs, will pay R104m for Mugg & Bean.

The announcement followed speculation that Famous Brands could be interested in buying the SA operations of US fast food chain McDonald's, after the latter announced on June 9 it was looking for a local master franchise holder.

Famous Brands said the acquisition supports its focus on the growth and development of its best-in-class food service franchise brands. It would also reinforce its position as a leading quick service and casual dining restaurant franchisor.

- Fin24.com

 
 
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