Wahlburgers Signs First Overseas Deal
The owners of the Wahlburgers chain have inked their biggest expansion deal since starting the company more than five years ago: a joint venture with Shanghai-based Cachet Hospitality Group and Middle East businessman Farooq Arjomand, an investor in Cache, to open locations in Asia and Latin America.
The goal is to develop as many as 200 locations during the next decade, with roughly half of them opening in China. The deal represents the first overseas expansion for the Boston-based chain; a previous development agreement for the Middle East has been put on hold while Arjomand, who is investing in these ventures through his UAE-based holding company, worked with Wahlburgers on the Cachet deal.
Wahlburgers offer sit-down service and alcohol, and since it was established in 2011, the founders have added 12 locations to their chain, including two in Canada. The total is expected to grow to 20 by sometime this summer. Before the Cachet deal, CEO Rick Vanzura says the company had franchising agreements to open up nearly 150 locations.