Bangkok--27 May--ABM Connect
Fraser and Neave, Limited ("F&N") today announced that its associated company F&N Retail Connection Co., Ltd. has partnered with Maxim's Caterers Limited ("Maxim's") to form a joint venture, Coffee Concepts (Thailand) Co., Ltd., to acquire the entire issued share capital of Starbucks Coffee (Thailand) Co., Ltd ("Starbucks Thailand"). This represents F&N's latest strategic initiative to grow its presence in Thailand, a market it has been in for over 20 years, in a stable and sustainable manner.
The acquisition adds another iconic brand to F&N's portfolio in Thailand, where it recorded revenue amounting to approximately 15 billion baht in 2018. Its dairy business is the market leader in the country's canned milk segment, with its Teapot, Bear Brand, and Carnation brands being consumers' favourite condensed milk, sterilised milk, and evaporated milk brands.
With new Magnolia products launched in Thailand in 2018, F&N also continues to broaden its offerings in the country's ice cream and liquid milk segments.
Mr Koh Poh Tiong, an F&N Director and the Chairman of its Board Executive Committee, commented, "Thailand is one of F&N's three core markets and we are delighted to be able to deepen our presence in the country through this strategic acquisition. Moreover, Thailand's premium retail coffee market is growing at a rapid pace and Starbucks, which has a fast-expanding footprint that now stands at 372 stores across the country, is well-poised to tap this growth.
We look forward to collaborating with Maxim's, leveraging its proven track record of working with Starbucks to further enhance the customer experience at Starbucks stores."
Maxim's is a long-time strategic partner of the US-headquartered Starbucks Coffee Company and has been operating and developing Starbucks stores as a licensee since 2000. Countries with Starbucks stores currently operated by Maxim's include Hong Kong, Macau, Singapore, Vietnam, and Cambodia.