Famous Brands built an empire sharing one kitchen across three brands. It tried the same trick alone in the UK, and lost almost everything. 2016: pays about £120 million (roughly R2 billion) for burger chain Gourmet Burger Kitchen. 2020: collapses, sold for about £6 million, 95% of the value gone. Which of your advantages actually travel, and which only work because of where you built them? #PrivateEquity #Investing #SouthAfrica #Retail #globalarbitrage