Restaurant operator Max’s Group Inc. said Monday it is venturing into China, as it signed a deal with ZhongFa Group to build at least 15 Yellow Cab Pizza stores in the world’s second largest economy within the next five years.
“We are thrilled with the opportunity of bringing our pizza to Beijing, Tianjin and parts of Hebei province. We share the excitement with our partner, the ZhongFa Group, to serve our food offerings to the Chinese,” said Max’s Group president and chief executive Robert Trota.
The agreement marked the first development deal signed by Max’s Group in 2016.
Trota said the continuous expansion of the company’s restaurant chain overseas reflected a strong interest in its brands.
The restaurant chain finalized five new international partnerships in 2015, with various international partners involving the rollout of 15 Yellow Cab stores in Saudi Arabia within 10 years, 10 Yellow Cab and eight Pancake House restaurants in United Arab Emirates within five years,10 Sizzlin’ Steak outlets in Vietnam within five years and three Max’s Restaurants in San Diego, California in five years.
The company earlier targeted to have at least 200 stores overseas by 2020.
ZhongFa Group, established in 1993, is a diversified group based in China engaged in commercial real estate, electronic business and hotel management, with operations spanning across China, the Philippines, Kenya, Palau, Switzerland and soon Canada.
ZhongFa plans to expand into F&B business in China through its latest vertical company JuYangYiTong, to bring well known international brands into China market.
“We believe the food and beverage industry in China has huge potential. With our newly established company JuYangYiTong led by one of the ZhongFa family members Mike Zhang, we plan to satisfy Chinese customers’ growing needs of high-quality food and beverage products. We are delighted to choose Yellow Cab Pizza as our first venture with MGI Group. Yellow Cab Pizza has everything that China’s discerning customers are looking for—quality, service and ambiance,” said ZhongFa Group chief executive Guiping Wang.
Yellow Cab has a network of 118 branches, including six franchised outlets in Qatar.
Max’s Group plans to open more than 70 stores in 2016, including 60 to 65 stores in the Philippines and 15 to 20 stores overseas.