Mandarin Holdings in deal to buy Leeann Chin chain

Nation's Restaurant News,  Feb 26, 2007  

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Bloomington, Minn. -- Leeann Chin, the Minneapolis-area chain that introduced local residents to Chinese food when founder Chin opened her first restaurant in 1980, has been sold to Mandarin Holdings, Los Angeles-based operator of the Mandarin Express quick-service chain, according to a published report that did not state sale terms.

The chain has 22 restaurants, including the quick-service Leeann Chin and fast-casual Chin's Asia Fresh, plus 10 kiosks in Rainbow Foods grocery stores.

Chin reportedly owned 9.6 percent of the common stock, while Mellon Investments of Pittsburgh and BNP Paribas of France owned 83 percent of the preferred stock. Chain management, headed by chief executive Stephen Finn, held the remaining equity. The deal was expected to close late this month.

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