The first of 35 planned Wendy's restaurants has opened in Singapore.
Wendy's/Arby's International, the global arm of the Atlanta-based quick-service restaurant franchiser Wendy's/Arby's Group Inc., has contracted Kopitiam Group, a food service company in Singapore with more than $143 million in revenues last year, to build and operate new stores over the next decade.
The Singapore deal is the first in what Wendy's/Arby's officials hope will be a rapid and profitable expansion across Asia.
“Based on comprehensive analysis, we believe we have the long-term growth potential for more than 8,000 restaurants outside of North America, including a much stronger presence in the Asia/Pacific region,” said Andy Skehan, senior vice president at Wendy’s/Arby’s International, in a statement.
There are currently about 6,600 Wendy's locations worldwide, but most are in the U.S. Less than 10 percent are international stores spread throughout 21 countries and territories.
Wendy's/Arby's Group emerged when Atlanta-based Triarc Cos. Inc., then the largest franchiser of Arby's restaurants, acquired Wendy's International Inc. in September 2008.
The all-stock deal was valued at nearly $2.4 billion.