Carlyle has emerged as a leading bidder for Jardine Matheson's pan-Asian restaurant business, which operates roughly 1,000 KFC and Pizza Hut outlets across Hong Kong, Macau, Myanmar, Taiwan, and Vietnam. Non-binding bids are due this week for Jardine Restaurant Group, which also owns the PHD take-out pizza brand in Hong Kong and employs around 25,000 people.

The business generates approximately $35m to $40m in EBITDA, with a transaction expected at a high single-digit or low-teen multiple of core earnings. Carlyle brings relevant experience, having acquired 100% of KFC Korea in December and previously held a controlling stake in McDonald's China through a consortium that exited back to the US parent in 2023 at a substantial return.

The Asia-Pacific fast food market was valued at roughly $270bn in 2024 and is projected to reach $465bn by 2033. Potential strategic bidders include Yum China, which already operates KFC and Pizza Hut in mainland China, and Uni-President with its extensive distribution network across Greater Asia. Soft consumer spending and deflationary pressures in Hong Kong, as flagged in Jardines' 2025 annual report, represent a key operational challenge for the business.