Nasdaq-listed Carlyle Group has agreed to acquire a 100% stake in KFC Korea.

A press statement from the US investment firm did not disclose the financial terms of the deal, but a report from the Korean Economic Daily says Carlyle is acquiring the Korean operations of the fried-chicken chain for 200 billion won ( US$135 million ).

BusinessKorea reports that Carlyle is acquiring the franchise from Orchestra Private Equity, which is expected to earn triple returns after owning the business for 2.5 years. A Twosome Place, a Carlyle portfolio company, will run the franchise. The café chain currently operates over 1,700 stores in South Korea.

According to Carlyle, KFC Korea operates the KFC brand in South Korea under a master franchise agreement with Yum! Brands, the world’s largest restaurant chain company with more than 55,000 restaurants. Since opening its first store in Seoul in 1984, KFC Korea has grown to operate over 200 stores nationwide.

Carlyle says it will leverage its significant experience in the food and beverage ( F&B ) and quick-service restaurant sectors in Asia to work with KFC Korea’s management team to help accelerate new store openings, enhance marketing capabilities, and drive menu innovation to meet evolving consumer preferences in the Asian market.

​Carlyle also owns KFC Japan and looks to further strengthen its strategic relationship with Yum! Brands through this transaction.

The investment group has extensive investment experience in the restaurant, food and consumer sectors, including quick-service restaurant franchises, both in Asia and globally. Its previous portfolio companies in the sector have included McDonald’s China and Japanese restaurant chain operator Chimney, among others.