Thailand: JAS Asset takes over café chain Casa Lapin, sets up new JV

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Thai listed property developer JAS Asset Plc has agreed to acquire Casa Lapin, a local food and café chain, from Coffee Project Co Ltd for 42 million baht ($1.27 million).

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.

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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).

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  • 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.