Fraser and Neave (F&N), a Singapore-headquartered conglomerate with interests in food and beverage and real estate, bought the Starbucks Thailand coffee chain which has more than 370 outlets, in May 2019.
F&N bought the chain through Coffee Concepts (Thailand), which is a partnership between F&N and Maxim’s Caterers. The latter is a Hong Kong based food, beverage and restaurant chain 50% owned by Dairy Farm International Holdings Limited and already operates Starbucks outlets in Hong Kong, Macau, Singapore, Vietnam and Cambodia.
F&N revealed that the move aims at strengthening its regional footprint and extending its presence into the retail coffee segment. The company also wants to capitalize on Maxim’s Caterers’ experience in the food business, as it already operates around 1,300 outlets in the region.
F&N has made two capital injections totaling some USD 84 million and provided guarantees of up to USD 272.4 million, to facilitate its acquisition of Starbucks Thailand.
(Sources: Bangkok Post; Straits Times; Business Times)