Thai PE firm Lakeshore Capital exits steakhouse chain Santa Fe for $50m

Photo by Ben Amaral on Unsplash

Thailand-based private equity firm Lakeshore Capital is learnt to have offloaded its entire stake in local steakhouse chain Santa Fe to Singha Corporation for $50 million, generating a 2.75x return.

A senior Lakeshore Capital executive confirmed the deal to DealStreetAsia.

The private equity firm first invested in KT Restaurant, the operator of the steakhouse chain, in early 2015, according to International Legal Counsellors Thailand, which advised on the deal. The exit was first reported by AVCJ, and its report added that the initial funding was $4.5 million for an undisclosed stake.

Based in Bangkok, Santa Fe’s restaurants are mostly located within the capital city. The company also has one restaurant in Phnom Penh, Cambodia.

In 2018, Singha allocated 5 billion baht ($165 million) for a three-year plan of growing its food business, aiming to raise sales to 15 billion baht, local media reported. Half of the capital is slated to go to its Food Factors Co subsidiary, which is responsible for the expansion of the food business under Boon Rawd Brewery Group.

Lakeshore Capital was founded in 2009. It launched the $60 million Lakeshore Capital Fund I in 2015. Santa Fe is understood to have been the fund’s second investment.

Last year, the Thai PE firm announced that it had acquired a controlling stake in analgesic product maker Devakam Apothecary Hall, its sixth investment.

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.

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.