DFI Retail Group announced it has agreed to acquire Coffee Concepts from Maxim's Caterers Limited. The financial terms of the agreement were not disclosed.
Coffee Concepts, a subsidiary of Maxim's Caterers Limited, operates over 1,100 Starbucks stores across seven Asian markets, including Vietnam, Thailand, Singapore, Cambodia, Laos, Hong Kong, and Macau.
The acquisition is part of a restructuring agreement between DFI Retail Group and Hongkong Caterers Limited, which are joint venture partners in Maxim's Caterers Limited. Under the agreement, ownership of Coffee Concepts will transfer to DFI as a subsidiary. Hongkong Caterers Limited will become the sole shareholder of Maxim's Caterers Limited, which will continue to manage and expand its network of over 1,000 restaurants and bakeries in eight Asian markets, as well as its confectionery and festive food segments.
DFI Retail Group stated that daily operations of the Starbucks chain and Maxim's Caterers brands will continue as normal after the restructuring. DFI Retail Group and Hongkong Caterers Limited will also continue to cooperate in areas such as procurement, supply chain, real estate, digital transformation, and loyalty programs.
The transaction is expected to be completed in the first quarter of next year. DFI Retail Group is a subsidiary of Jardine Matheson.