P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today announced it has signed an exclusive development and licensing agreement with Alsea, S.A.B. de C.V. (BMV: ALSEA*), the leading quick service restaurant, coffee shop and casual dining operator in Latin America, to develop Pei Wei Asian Diner throughout Mexico. The agreement stipulates the opening of three restaurants during the first 18 months, and provides an option for a long-term contract with a commitment to open 50 restaurants over 10 years. The first location is anticipated to open in Mexico City in the next few months.
“We are extremely excited about the expansion of Pei Wei to international markets,” said Mike Welborn, Executive Vice President and President of Global Brand Development for P.F. Chang’s China Bistro, Inc. “Alsea has already been very successful in bringing P.F. Chang’s to Mexico, and they are well positioned to achieve the same success with Pei Wei’s fast casual model. We look forward to working with them to extend the Pei Wei brand.”
“We are delighted to be the first international developer of Pei Wei and add to our concept portfolio in Mexico,” said Armando Torrado, Director of Casual Dining Alsea. “Our P.F. Chang’s restaurants in Mexico have seen excellent results and we look forward to bringing the Pei Wei experience here as well. We believe Pei Wei’s fast casual format meets a growing consumer need and addresses current trends in the restaurant sector.”
Alsea currently operates eight P.F. Chang’s restaurants in Mexico under an exclusive development and licensing agreement signed in 2009 to develop 30 P.F. Chang’s restaurants throughout Mexico over 10 years. In 2011, Alsea also entered into an exclusive development and licensing agreement to develop 17 P.F. Chang’s restaurants throughout Argentina, Chile and Colombia over the next 10 years.