The hotel chain brand Green Tree Inn plans to acquire a 100% stake in Da Niang Dumplings via its wholly-owned subsidiary, according to information from the official website of the Anti-Monopoly Bureau of the Ministry of Commerce of China.
Da Niang Dumplings was fully owned by Da Niang Dumplings Holdings Limited prior to the transaction. On the completion of the transaction, Green Tree Inn will become the sole owner of Da Niang Dumplings. No financial details are available from the report.
Da Niang Dumplings was founded in 1996 and it has developed over 450 stores in mainland China by 2013, with total sales of over CNY1.5 billion. In 2013, the company formed a partnership with CVC. With the cooperation, Wu Guoqiang, founder of Da Niang Dumplings, became a major individual shareholder with a 10% stake, while CVC became the controlling shareholder of Da Niang Dumplings.
From 2013 to 2015, CVC introduced two professional managers to run Da Niang Dumplings; however, Wu was not satisfied with the performance of those two CEOs and it seems this has resulted in the sale now to the budget hospitality chain.