Carvel In Asia

It was Steve Fellingham who decided to bring Carvel to China. Having already successfully completed a marketing coup by introducing KFC to China in 1978, Fellingham hoped to repeat the success of the past. After an initial backing by Investcorp of $4 million, Fellingham negotiated a joint venture in which Carvel Corporation established two new enterprises. These two new enterprises were Carvel Asia, headed by Tony Wang (Wang Da Dong), and Carvel Beijing, headed by Phil Fang. Exhibit 1 shows Carvel's organizational arrangements in Asia.

In this arrangement, Investcorp and Carvel Corporation provided 51 percent and 49 percent

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