Australian dessert chain, Wendys, has been bought by Singapore-based Global Food Retail Group in a deal that will see the company extend its network of stores into Asia.

Wendys has more than 200 stores across Australia and more than 30 stores in New Zealand. It is one of the largest businesses in the category in Australasia, with plans to grow even larger.

Rob McKay, CEO at Wendys, said it’s a significant day for Wendys teams across Australia and New Zealand, with confirmation the business has new owners, and big plans to grow our brand internationally.

Global Food Retail Group (GFRG), a subsidiary of Singapore listed company, Global Yellow Pages Limited, finalised the acquisition of the Wendys brand in Australia and New Zealand today.

“The new owners consider Wendys to be an iconic brand, with a strong network of stores throughout Australia and New Zealand. It is exciting to hear what plans they have for Wendys, and to be part of a new foray into the fast growing Asian marketplace,” McKay said.

The deal does not affect the day to day running of Wendys stores in Australia and New Zealand or impact any staff, said McKay.

“I want to make it clear that it is very much “business as usual” for our franchisees, employees and suppliers,” he said.

“We are very excited about this new chapter. We have seen some tough economic times in the market in our sector so this is a real opportunity to take a fresh look at what we can do next to diversify and grow. The team remains but the spirit will be uplifted to do more, and create a robust and healthy commercial environment.”

Stanley Tan, CEO of GFRG, said: “We intend to enjoy ourselves while taking part in this. At GFRG, we have been watching for investments in brands and franchise systems that we can focus on making global. We will continue to study complementary opportunities.”