Yum China Holdings, Inc. ("Yum China") (NYSE: YUMC) recently announced that it has entered into a definitive agreement to acquire a controlling interest in the holding company of DAOJIA.com.cn ("Daojia").
CEC Capital served as the exclusive financial advisor to Daojia in this transaction.
Daojia, which also operates Sherpa's, was founded in 2010 and is an established online food delivery service provider focusing on higher-end orders in large cities in China including Beijing, Shanghai, Guangzhou and Shenzhen. This transaction marks another step in executing Yum China's strategy to accelerate growth through digital and delivery by building know-how and expertise in this growing segment.
Following the transaction, Hank Sun, founder of Daojia, will continue to lead the business. "We are honored to integrate our business with Yum China, which operates China's two leading restaurant brands, KFC and Pizza Hut," said Mr. Sun. "With the combination of the Yum China business and our technological infrastructure, we look forward to achieving digital and delivery synergies for both of us."
Micky Pant, CEO of Yum China, commented: "Digital and delivery are long-term strategic drivers of our business, and I am pleased to build on our technological know-how and capabilities in this high growth area."
Yum China has one of the largest restaurant delivery networks in China, with over 4,400 of its 7,663 restaurants offering delivery services as of the end of first quarter of 2017. In the first quarter of 2017, delivery represented approximately 12% of Company sales.
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