This case study is part of a new series on Wamda featuring companies in emerging markets around the globe.

Headquartered in Makati City, Philippines, Pancake House is a well-known chain throughout Southeast Asia.

Founded in 1970, the company has recently become quite popular, not just for its signature specialty pancakes and waffles but also for new lines of popular international dishes. Once only a single chain, Pancake House now comprises 6 brands and 180 outlets, which serve a combined total of around 13 million meals a year.

The brand wasn't always so powerful, however; in fact it was in a rut by the time current CEO and Chairman, Martin Lorenzo, took it over in 2000. He quickly revitalized the company, listing it on the Philippine Stock Exchange, rebuilding its brand as "Pancake House, Inc." and expanding domestically and regionally.

A central catalyst that galvanized its expansion was a US $4 million round of investment from Aureos Capital in 2005. This enabled Lorenzo to acquire a second brand, Teriyaki Boy, and continue expanding and acquiring other chains to broaden the company's scope throughout the Southeast Asian market. 

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