Carlyle and Yum China reportedly eye Jardines' KFC, Pizza Hut biz

Global investment firm Carlyle and Yum China Holdings are reportedly in the running to acquire a major restaurant division from Jardine Matheson. The unit under negotiation operates extensive KFC and Pizza Hut franchises across Hong Kong, Taiwan, and several other key Asian markets.

According to multiple reports such as Reuters, the deal is expected to be valued at approximately US$400 million. Beyond the initial suitors, the sale has reportedly drawn interest from the Taiwanese food giant Uni-President and several other private equity firms. Non-binding bids for the Jardine Restaurant Group are expected to be submitted by the end of this week.

Headquartered in Hong Kong, the group manages a robust network of approximately 1,000 KFC and Pizza Hut locations and maintains a workforce of 25,000 across Hong Kong, Macau, Taiwan, Vietnam, and Myanmar.

In addition to these global franchises, the portfolio includes the home-grown Hong Kong delivery brand, PHD. The overall business is estimated to generate between US$35 million and US$40 million in annual EBITDA.

MAKRETING-INTERACTIVE has reached out to Jardines, Carlyle, Uni-President and Yum China for a statement.

The potential sale comes at a time when the broader Asian fast-food sector is seeing significant interest from private equity and strategic buyers. This momentum is fueled by rapid urbanisation and a growing youth demographic seeking affordable, convenient dining options. According to forecasts from ResearchandMarkets.com, the Asia-Pacific fast-food market was valued at US$270 billion in 2024 and is projected to reach US$465 billion by 2033.

Carlyle’s interest in the Jardine unit aligns with its aggressive expansion in the region. In December 2025, the firm announced a deal to acquire a 100% stake in KFC Korea, which operates over 200 stores. Carlyle, which also owns KFC Japan, aims to leverage its deep experience in the Asian food and beverage sector to accelerate store openings and drive menu innovation.

Meanwhile, Yum China - a 2016 spinoff from Yum! Brands - continues to be a dominant force in the sector. Backed by high-profile investors such as Primavera Capital and Jack Ma’s Ant Group, the company currently manages all KFC and Pizza Hut operations across mainland China.

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