Thailand: Central Group to buy Dean & Deluca ops outside the US for $50m

Photo: Dean & DeLuca portal

Thailand’s retail giant Central Group is set to acquire Dean & Deluca’s operations outside the United States from luxury property developer PACE Development Plc for $50 million.

The deal is in the due diligence process, the company said on Monday.

Dean & Deluca is an American chain of upscale grocery stores founded in 1977. PACE acquired it through its subsidiary Pace Food Retail Co Ltd for $140 million in 2014.

Under the agreement, Central will be allowed to operate and expand the operations outside the United States while PACE still holds the ownership of the brand, operates the chain in the US and owns the right to produce and distribute consumer products under the Dean & Deluca trademark.

PACE chief executive Sorapoj Techakraisri said Central Group has the financial resources, expertise and knowledge to handle the day-to-day operations of stores, logistics and licensee relationship.

“Having Central as a partner will give Dean & Deluca a healthy growth globally,” he said.

PACE, which develops luxury residential properties including the tallest skyscraper MahaNakhon Tower, has reported operating losses for five consecutive quarters, which reached 1.7 billion baht ($50.90 million) last quarter.

In January, Goldman Sachs and Apollo Asia Sprint Holding Co injected about $235 million in MahaNakhon project. Currently, it is developing four projects worth 34 billion baht in total. The projects include the Ritz-Carlton Residences Bangkok, Mahasamutr Villa, Nimit Langsuan Condominium and Windshell Naradhivas Condominium.

Also read:

Goldman, Apollo Asia to Invest $235m in tallest Thai building

Thailand: Pace Development to raise $375.7m via REIT

Central Group, JD.com announce $500m JVs in Thailand

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.