F&N and Maxim's Caterers to acquire Starbucks Thailand

The deal is expected to be completed by the end of May.

Fraser and Neave (F&N) has partnered with F&N Retail Connection and Maxim’s Caterers to acquire the entire issued share capital of Starbucks Coffee Thailand in its first venture into the premium retail coffee segment.

The acquisition is earnings accretive and will be funded from a mix of debt and equity financing. It is expected to close by end-May 2019 and projected to contribute positively to F&N’s earnings in the financial year ending 30 September 2019.

“This acquisition provides an interesting strategic opportunity for F&N to enter and participate in the fast-growing premium retail coffee market in Thailand, one of F&N’s 3 significant core markets,” said Koh Poh Tiong, F&N’s chairman.

Maxim’s is a long-time strategic partner of US-headquartered Starbucks Coffee Company, and has been operating and developing Starbucks retail coffee stores as Starbucks’ licensee since 2000. Maxim’s currently operates Starbucks stores in Hong Kong, Macau, Singapore, Vietnam and Cambodia.