Evolution Capital PCL announces the 100% acquisition of the Fico Foods Co., Ltd.Stocks and Financial Services Press Releases Sunday December 2, 2012 18:29
The acquisition of Fico Foods Co. Ltd. is a game changer for Evolution Capital PCL and fast-tracks the Company’s entry into the food and beverage sector with the exclusive franchise in Thailand for Domino’s Pizza and The Coffee Bean & Tea Leaf, as well as five popular restaurants in Bangkok’s Thonglor area and another restaurant to be opened soon in Silom area, alongside its existing investments in the franchises for The Coffee Bean & Tea Leaf in Cambodia and Magnolia Bakery in Japan.
Evolution Capital PCL (“Evolution”) has announced the 100% acquisition of the Fico Foods Co. Ltd. which was unanimously approved by the Extraordinary General Meeting of Shareholders held on November 16. With this acquisition, Evolution, through its wholly-owned subsidiaries Fenix Pizza Co. Ltd and Fico Coffee Co. Ltd will become the exclusive franchisee in Thailand for Domino’s Pizza, and The Coffee Bean & Tea Leaf, as well as own five popular restaurants in Bangkok’s Thonglor area including The Ironfairies, Fat Gut’z, Fat’R Gut’z, Mr. Jones’ Orphanage, and Clouds.
Simon Gerovich, CEO of Evolution Capital PCL, added “the acquisition is a game changer for Evolution and fast tracks the company’s entry into the food and beverage sector”..The acquisition of Fico Foods substantially expands Evolution’s food and beverage business which, prior to the transaction, included the Coffee Bean & Tea Leaf franchise in Cambodia and the Magnolia Bakery franchise in Japan.
Sanjay Singh, Executive Director of Evolution Capital PCL and CEO of Fico Foods, commented that the company has commenced an aggressive roll out of its food and beverage brands with the first three Coffee Bean & Tea Leaf outlets opened in November at Central World, Siam Paragon, and Interchange 21. An additional three outlets will be opened by the end of 2012. The first two Domino’s Pizza outlets will be opened in December, with a third opening in early January 2013. An accelerated rollout of both brands will see 50 Domino’s Pizza outlets and 60 Coffee Bean & Tea Leaf outlets opened by 2016.
Evolution’s focus on the mass consumer market also plays out in its investment in Red Planet Hotels Limited, which is Tune Hotels.com’s franchisee. Tune Hotels.com is Asia’s premier budget hotel operator and is a sister company of Asia’s largest budget airline, Air Asia. Red Planet Hotels currently owns 22 Tune Hotels, of which 8 are open including, those in Hat Yai, Pattaya, and Bangkok. Tune Hotel in Phuket, opening in December 2012, is already fully booked until January 2013.
In July 2012 Red Planet Hotels also acquired a 16.05% shareholding in its franchisor, Tune Hotels.com, which presently operates 17 hotels with 2,935 rooms globally. Tune will open its Edinburgh hotel in December and is now developing an additional 41 hotels representing 10,841 rooms in India, the UK, Australia, Malaysia, and the Middle East, in addition to the hotels under the Red Planet Hotels franchise in Thailand, Indonesia, and the Philippines. Further site acquisitions will be announced by the end of this year, most notably in Japan.
Evolution Capital Public Company Limited, listed on the Stock Exchange of Thailand, is focused on Asia’s rapidly growing consumer sectors in Asia. These sectors are primarily budget hotels, through its investment in Red Planet Hotels (www.redplanethotels.com), the franchisee of Tune Hotels.com (www.tunehotels.com) in 5 countries in Asia, as well as the food and beverage sector, where the current brand portfolio includes the franchise of Domino’s Pizza and The Coffee Bean & Tea Leaf in Thailand and Cambodia, as well as Magnolia Bakery in Japan. RPHL is also 16.05 % shareholder in Tunehotels.com.
With its roots in manufacturing and textiles, Fico Corporation’s current business activities extend to luxury retail, construction, commercial real estate, and hotel development. Fico owns 7 operating hotels and 4 currently under development with leading hotel operators including Accor, IHG, M&C, and Marriott.
Founded as a single store in 1960, Domino’s Pizza today stands as the recognized world leader in pizza delivery. Serving more than 1 million customers daily, Domino’s Pizza operate nearly 10,000 stores in more than 60 countries, selling more than 400 million pizzas worldwide every year.
Born and brewed in Southern California since 1963, The Coffee Bean & Tea Leaf has grown to be an international icon and currently has more than 800 stores in over 20 countries. The Coffee Bean & Tea Leaf is the oldest and largest privately-held specialty coffee and tea retailer in the United States.
Latest Press Release
NEW YORK (Standard & Poor's) Dec. 12, 2013--Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Elmira, N.Y.'s general obligation (GO) bonds one notch to 'A' from 'A-' based on Standard & Poor's new local GO criteria,...
- AMAL Asset Management Ltd. has demonstrated continued improvement in its commercial loan-servicing infrastructure and capabilities, and has maintained sound risk-management and compliance practices. - We have affirmed the overall ranking of STRONG. -...
DALLAS (Standard & Poor's) Dec. 12, 2013--Standard & Poor's Ratings Services raised its underlying rating (SPUR) one notch to 'A+' from 'A' on Overton County, Tenn.'s general obligation (GO) debt outstanding based on our recently released local...
- Ally Financial Inc. (Ally) has been granted a release from potential legal and financial liabilities arising from its ownership of Residential Capital LLC (ResCap), as part of a general settlement approved on Dec. 11, in resolution of the ResCap...
CHICAGO (Standard & Poor's) Dec. 12, 2013--Standard & Poor's Ratings Services said that it raised its long-term rating on the city of Elmhurst, Ill.'s general obligation (GO) bonds to 'AAA' from 'AA+', based on its recently released local GO...