“By establishing Atlanta as a corporate-owned market, we can better demonstrate the power of the brand to potential investors and franchisees,” said Steven Chan, CEO and Founder of Tin Drum.
Atlanta, GA (PRWEB) February 18, 2014
Tin Drum Asiacafé, named as one of QSR Magazine’s Best Franchise Deals, has completed the purchase of six franchised restaurants in Atlanta from three of its franchisees, establishing Atlanta as a cornerstone market for the brand. As part of the plan, Tin Drum will open five new company-owned restaurants throughout Atlanta and Augusta in 2014.
The fast casual franchise with nine Atlanta-area locations (five company-owned and four franchised owned) will bring the majority of franchise outlets under corporate ownership as part of a long-term franchising strategy focused on multi-unit operators who can develop eight or more locations. The purchase allows Tin Drum to build its hospitality culture with a strong corporate and franchise support team and to provide a credible, turn-key concept for potential franchisees.
“By establishing Atlanta as a corporate-owned market, we can better demonstrate the power of the brand to potential investors and franchisees,” said Steven Chan, CEO and Founder of Tin Drum. “Our customer base in our hometown is loyal, unit economics are strong, and Atlanta is a city of up-and-comers interested in trying out new concepts and products.”
Chan, along with partner and private equity firm BIP Opportunities Fund, acquired locations in the Atlanta neighborhoods of Atlantic Station, Colony Square, Cumming, Roswell and Augusta, GA. The chain’s first location at Georgia Tech will remain corporate-owed. Additionally, the company will house its growing team in new offices in the Atlanta suburb of Roswell.
As part of its long-term initiatives, Tin Drum, which started franchising in 2011, is actively seeking larger, multi-unit operators to build the brand. It recently announced multi-unit franchise agreements in Nashville, Tenn. for eight cafes.
“When we started Tin Drum in 2003, we engaged with strong partners that could bring fresh Asian-fusion to neighborhoods throughout Atlanta,” said Ray Biondi, Tin Drum COO. “Customers embraced our unique concept and we are poised for national expansion, which requires different development objectives.”
About Tin Drum Asiacafé:
Atlanta-based Tin Drum Asiacafé features Asian street-inspired cuisine at its 11 southeastern locations, made fresh to order and at a great value. Recently named “One to Watch” by QSR magazine, Tin Drum’s Pan Asian menu features more than 35 items made with Thai, Japanese, Chinese, Vietnamese and Indian influences and 15 signature sauces. Certified by HealthyDiningFinder, the concept features menu options for individual dietary goals including a gluten-free menu and vegetarian options. The fast-growing chain offers franchising opportunities throughout the Southeast. For more information, visit http://www.tindrumcafe.com or join Tin Drum on Facebook at https://m.facebook.com/TinDrumAsiaCafe
BIP Opportunities Fund is an Atlanta-based investment firm focused on providing capital and operational support to emerging, high-growth companies. The firm seeks to invest between $2 million to $10 million in companies with revenues up to $25 million. Investments will generally be based within the Southeast, but BIP remains opportunistic to other domestically-based investment opportunities. Industry sectors covered include technology, healthcare, business services, franchising, and specialty finance. For additional information on BIP Opportunities Fund, please visit http://www.bipfunds.com
Media contact: Ellen Hartman (678) 399-3335, ellen(at)hartmanpr(dot)com