P.F. Chang's franchisee to build three restaurants in 18 months.
P.F. Chang's China Bistro, Inc. (NASDAQ:PFCB) signed an exclusive development and licensing agreement with Alsea, S.A.B. de C.V. to develop its fast-casual concept Pei Wei Asian Diner throughout Mexico. As part of the deal Alsea agreed to open three restaurants during the first 18 months.
Alsea 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.
Similarly, the newly signed Pei Wei deal 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.