Singaporean restaurant chain Paradise Group has bought back shares from Asian investment firm PAG to regain full ownership, according to a company statement on Thursday.

Financial terms of the transaction were not disclosed.

PAG first invested an undisclosed sum in the restaurant chain in 2016. The company’s original shareholders, its founder owners Eldwin Chua and Edlan Chua, retained a significant stake after the deal.

Following the buyback, Paradise Group aims to double its restaurants to 300 stores globally by 2028, according to the statement.

The company operates 14 brands with close to 150 outlets in 12 regions, including Singapore, Malaysia, Indonesia, China, Hong Kong, Taiwan, Philippines, Myanmar, Vietnam, Cambodia, Thailand, and the US.

According to its most recent financial statement filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Paradise Group reported a profit of S$1.66 million for the financial year ended July 31, 2023. It had reported a 78.5% higher profit in the preceding year.

Revenue for the year was S$315.1 million, up 23%, while the gross margin was a healthy 73.85%.

Headquartered in Hong Kong, PAG manages capital on behalf of nearly 300 global institutional investors and approximately $55 billion in assets under management (AUM) across real assets, credit & markets, and private equity strategies.

Last month, PAG was reportedly concluding the fundraising for its latest buyout fund at $4 billion, less than half of its original target of $9 billion, according to Bloomberg, after already having slashed its target to $6 billion for the fund.

Earlier this year, the investment firm racked up a fresh commitment of $100 million from Teacher Retirement System of Texas (TRS) for its latest opportunistic real estate fund, Secured Capital Real Estate Partners VIII.