Before a restaurant company makes an M&A decision, it takes into account what it is trying to accomplish by acquiring this company. I've read a previous Spoon Classroom article on management that talked about the example of International Sky Food Group.

International TFS Group (formerly Little Southern) has made several previous acquisitions, including the HK$300 million purchase of PARKnSHOP Hong Kong and PARKnSHOP Macau, which operated both Western and Japanese restaurants, including Pokka, a café-restaurant. For Xiao Nan Guo, such acquisitions may have been a way to leverage its already well-established casual dining brand in Hong Kong to break away from its reliance on mid-to-high-end restaurants. At the time, Xiao Nan Guo was in great need of a young consumer base, and cafes were exactly the kind of place young people liked to go.

The result of the acquisition was from 2015 - 2017, Xiao Nan Guo's performance was 2.035 billion, 2.001 billion, and 1.912 billion, while in the financial report, Park'n Shop ranked second in terms of earnings, after Shanghai Xiao Nan Guo and Hui Gong Guan. Regardless of whether the acquisition is the back-end supply chain, middle-end channels or front-end brands and products, the ultimate goal of an acquisition should be to accelerate the company's development.