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| Investment in a Restaurant Chain |
| Established in 1999 in Baotou, Inner Mongolia, Little Sheep is a leading chain restaurant operator specializing in hotpot cuisine. The company currently has more than 300 ˇ°Little Sheepˇ± branded restaurants in mainland China and over a dozen overseas restaurants.
In June 2006, Prax co-invested with 3i in Little Sheep.
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| Together with 3i, plc, the lead investor, we significantly improved the corporate governance of the company by bringing in industry professionals from KFC and Burger King as non-executive directors, setting up standardization committees, as well as implementing an employee stock-ownership plan. Prax employees, frequent ˇ°Little Sheepˇ± patrons, have given the company many detailed suggestions regarding its operations, services, store decoration and product innovation.
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| ˇ°The communication with Prax is very important for me. In particular, Prax has given us a lot of practical advice on how to more effectively manage our restaurants. Many suggestions have been implemented in our restaurants with good results.ˇ±
-Mr. Wenbing Lu, President of Little Sheep |
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