Once the acquisition is completed, the two companies will form a new joint venture company, Beans & Brown Co Ltd, to run the café business together. JAS Asset will own 60 per cent while Coffee Project will hold the remaining 40 per cent in the JV.
Casa Lapin currently has seven branches in Bangkok. Three of them will belong to Beans and Brown and the other four will be jointly operated by the company and its partners on a revenue-sharing basis.
Suphot Wanna, chief executive officer of JAS Asset Plc and Beans and Brown Co, said that the firm plans to open three more branches in the heart of Bangkok this year and at least 10 branches per year in future.
It will also launch its first flagship café with a space of 200 square metres in a department store next year and expand into other capital cities in the region such as Tokyo, Seoul, Hong Kong, Taipei and Singapore later on.
“We target our revenue will grow from 60 million baht this year to 180 million baht ($5.4 million) in 2018 and 360 million baht ($10.87 million) in 2020 and get it listed on the stock market in the same year,” he added.
At present, 70 per cent of Casa Lapin’s revenue comes from coffee and beverage sales and the rest comes from food and bakery. It plans to generate more revenue from selling souvenirs in the future.