Prime Vietnamese retailer Masan Group Company has elevated its stake in beverage chain Phuc Lengthy Heritage Joint Inventory Firm from 20% to 51% for a consideration of $110 million, based on an announcement.
The Vietnamese conglomerate acquired a 20% stake within the agency practically a yr again for $15 million. The agency operates native tea and low model Phuc Lengthy.
The most recent transaction brings the valuation of the tea and low chain at $355 million. Following the deal, Phuc Lengthy can be a consolidated subsidiary of Masan, per the assertion.
As a part of the deal, the Masan Group-owned retailer VinCommerce, which runs the VinMart grocery store chain, entered right into a strategic cooperation settlement with Phuc Lengthy. Accordingly, each side will collectively develop “Phuc Lengthy Kiosk” via a community of greater than 2,200 VinMart+ shops nationwide.
Established in 2004 with meals as its mainline enterprise, Masan Group had, in 2019, acquired roughly 3,000 VinMart supermarkets and VinMart Plus comfort shops from the nation’s largest conglomerate Vingroup.
Following the transaction, Masan arrange retail subsidiary The CrownX by consolidating its pursuits in Masan Client Holdings and VinCommerce.
In December final yr, retail subsidiary CrownX introduced a $350 million funding from a consortium together with US investor TPG and a subsidiary of Abu Dhabi Funding Authority. The deal will go away Masan with an 81.4% stake in CrownX.
“Now we have solidified our offline mini-mall idea and are able to develop nationwide, however the subsequent wave is to remodel The CrownX right into a consumer-tech platform. 2022 would be the yr we digitalize our platform into an built-in system from manufacturing, logistics, distribution all the best way as much as 100 million customers,” mentioned Masan Group chairman Nguyen Dang Quang.