<article><a href="http://www.wave-groups.com/" target="_blank">Wave Entertainment Plc (WAVE)</a>, a listed entertainment and media producer, has acquired Thailand based restaurant chain <a href="http://jeffersteak.com/" target="_blank">Jeffer Steak </a>for more than 600 million baht ($18.29 million).</article>

<a href="http://www.wave-groups.com/" target="_blank">Wave Entertainment Plc (WAVE)</a>, a listed entertainment and media producer, has acquired Thailand based restaurant chain <a href="http://jeffersteak.com/" target="_blank">Jeffer Steak </a>for more than 600 million baht ($18.29 million).
The acquisition of Jeffer, which has 80 branches nationwide, is part of Wave Entertainment&#8217;s strategy to transform into an integrated lifestyle and entertainment company.
This move will offer WAVE a platform to build its food business, leveraging on Jeffer’s existing facilities such as central kitchen, nationwide logistics network and organisation structure.
The acquisition was carried out through Wave Food Group Company Limited, a wholly-owned subsidiary of WAVE, for 100 per cent controlling stakes in Jeffer Steak.
Since its establishment in 2010, Jeffer quickly established itself as a market leader, servicing the teenagers and young adults. It is known for serving quality western-style meals with affordable price. In four years, it has expanded rapidly to 80 branches around Thailand.
“This is a timely acquisition, given Jeffer’s promising future expansions due to increasing urbanisation and potential outlet growth both in Thailand and other Southeast Asia countries ,” said WAVE’s chairman and CEO Matthew Kichodhan.
He said that branch expansion remains a key strategy.
This is the second acquisition of WAVE this year, after it acquired <a href="http://www.wallstreetenglish.in.th/" target="_blank">Wall Street English (WSE)</a> in May 2014. WSE, a leading English education institute targeting teenagers and young adults , generated a revenue of around 800 million baht through its nine branches.
Both acquisitions- Jeffer and WSE-  have a consumer target group, common with the Wave’s Lifestyle &amp; Entertainment business.
WAVE also owns a 20 per cent equity stakes in<a href="http://www.thaisolarenergy.com/" target="_blank"> Thai Solar Energy</a>, which has recently been listed in the Stock Exchange of Thailand (SET) with a market capitalisation of approximately 15 billion baht ($457.31 million).
The Siam Commercial Bank (SCB) acted as the sole financial advisor for the acquisition and provided acquisition financing, while Hunton &amp; Williams acted as legal advisor.
WAVE’s stock price closed at 72.50 baht today, down 50 satang.

WAVE acquires Jeffer Steak for $18m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

WAVE acquires Jeffer Steak for $18m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief