4Fingers acquires a 50% stake in Aussie based Mad Max
Following from the departure of CEO Steen Puggaard, 4Fingers has continued to expand its international reputation and operations across the Australian market, launching its first store in Melbourne in 2017.
In order to further cement its presence in the Australian market, the company has recently bought a 50% stake in Australian eatery, Mad Mex Fresh Mexican Grill.
Nicknamed Mad Mex, the move will enable the business to further expand the company’s outlets across South East Asia, developing outlets in Singapore and Malaysia, providing a unique menu, with flavours inspired by Chinese and Korean cuisine.
The move will also see the business transform its supply chain capabilities and offer greater choice to its customers.
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“Mad Mex is the second key brand in the 4Fingers Group. We are currently on the lookout for a third brand to complete this platform; a brand with similar characteristics to 4Fingers and Mad Mex - strong, established, profitable and fast-growing that is easily scalable and has global potential,” commented Vijay Sethu, Director of 4Fingers.
A leading food and beverage business within Australia and New Zealand, 4Fingers focuses on it focuses on “unique branding and customer experience – from music to interior design – and a healthy, sustainable, freshly prepared product that’s a far cry from a deflated drive-thru burger and fries,” according to Business Chief.
As a result of the acquisition, Mad Mex founder and majority shareholder, Clovis Young, will remain CEO of Mad Mex and retain a 50% stake in the business.
“In 2018 we refocused on our core healthy positioning with the introduction of Kombucha, activated charcoal tortilla, a vegan-friendly Veggie Rancheros protein, and vegan cheese,” he adds.
“Mad Mex has always been a favourite of gluten-free, dairy-free customers, but now that we offer our full range in vegan options, we are fast becoming a preferred dining option for the increasingly popular vegan and flexitarian consumers.”
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”