An Atlanta investment firm has bought a stake in Tin Drum Asiacafe to help the restaurant chain grow.
BIP Opportunities Fund, which focuses on providing capital and operational support to emerging companies, announced Friday it is taking a minority interest in the 10-store chain, an Asian street food concept based in Atlanta.
Neither the amount of the investment nor the percentage of the minority interest were disclosed.
Tin Drum started in 2003 on Georgia Tech’s campus. Founder and Chief Executive Officer Steven Chan began franchising it in 2011 and expects to double the company’s corporate and franchise unit base by the end of this year. The company is pursuing franchisees in Georgia, Alabama, Tennessee, Florida, North Carolina and South Carolina.
The chain is one of several in the metro area whose owners have caught expansion fever. More than a dozen restaurants, including Grecian Gyro, Uncle Maddio’s Pizza Joint, J.R. Crickets and Marlow’s Tavern, are either widening their base here with new locations or stretching out of state.
“We feel the company has broad appeal and is well positioned for significant growth in the fast-casual Asian segment,” BIP partner Scott Pressly said of Tin Drum in a release.
Chan said the BIP investment will help the restaurant chain grow at a faster rate “by attracting new franchisees, developing company stores and investing in our infrastructure.”
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