By Rebecca Patt
As I write this, the Chinese are celebrating their New Year and the start of the Year of Rabbit. Since ancient times, the Rabbit has signified diplomacy, elegance, and luck, to name just a few outstanding qualities.
The dawn of this auspicious time follows some headline-grabbing developments in recent months in the Asian-inspired quick-serve and fast-casual business in the US. Like a field of rabbits in the spring, this segment is hoppin.’ News of new growth plans, new ventures, and mergers and acquisitions abound:
In a segment vastly populated by independent, mom-and-pop operations, the fast-casual dynamo Chipotle announced in November that it is preparing a fast-casual Asian concept to debut in mid-2011. Though details of the concept are mum at this point, this is huge news from the mega-successful company that has grown from to just 14 Chipotle stores in 1998 to more than 1000 nationwide by nailing a simple format and “food with integrity” mission.Mandarin Holdings of Los Angeles, led by Lorne Goldberg, acquired the 74-unit Pick Up Stix chain from Carlson Restaurants in December. Goldberg, who forged success during the 90’s as an investment banker (he was once called “something of a mustang in a financial world of thoroughbreds”), has had quite an appetite for investing in the Asian segment. Since 2004, he has been building a portfolio of Chinese quick-service restaurant chains: Mandarin Express, Leeann Chin, Chin’s Asia Fresh, and now Pick Up Stix. He has been adding new menu items like frozen yogurt to Lee Ann Chin, upgraded the décor, and been opening new locations. Definitely one to watch.In the holiday shuffle between Christmas and New Year’s, it was easy to miss this news: on December 28, private equity firm Catterton Partners acquired Noodles & Company. Noodles & Company operates 255 locations in 18 states. The news noted that the company expects to open at least 35 more stores this year, and no big changes are anticipated in the company structure, and. This chain specializes in serving up a multi-ethnic menu, and since they are certainly big sellers of Pad Thai, Bangkok Curry, Chinese Chop Salad, and the like, I’m including it here.Which Asian food companies will get the edge, which will see their fortunes fall, and will there be continuing surprises in this hot segment? That is any bunny’s guess.Rebecca Patt is an executive recruiter with a weakness for crab Rangoon, and she is happy to have been born in the Year of the Dragon. She is part of Wray Executive Search, a national executive recruitment firm that specializes in the restaurant and food service industry. Contact her at Rebecca.patt@wraysearch.com.
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