Industry Sectors

We have assisted a broad range of business players in the retail and consumer industry, including those in food and beverages, household, office goods and luxury products. We have represented and advised investors, business operators and financiers in various types of transactions, including M&A, financing, foreign direct investment, public offerings, business cooperation, and general commercial transactions.

Notable transactions include:

M&A

• Advised Teeya Phaiboon on its acquisition of TTC Siam Drinking Water, a leading Thai manufacturer and distributor of drinking and natural mineral water under the “Siam” brand


• Advised Moong Pattana, a SET-listed distributor of baby and infant products and other consumer goods, on the acquisition in JSW Asset, Thailand's top operators of K-Beauty brands, specialising in crafting effective marketing strategies and brand awareness


• Advised Solina Coatings UK on its acquisition of Bowman Ingredients (Thailand) engaging in the manufacture, distribution, and export of food additives, breadcrumbs, and pre-mixed flours for the food production industry


• Advised Thai Union on the relevant agreements regarding its business partnership with Mitsubishi Corporation


• Advised ThaiBev group on the successful tender offer for all the remaining securities of Sermsuk (SSC), one of Thailand’s leading beverage companies with renowned beverage brands and a subsidiary of ThaiBev, as well as the subsequent delisting of SSC’s securities from the Stock Exchange of Thailand


• Advised ThaiBev on its restructuring of food and non-alcoholic beverages businesses among its group companies by way of share and business transfers


• Represented Made Group, a leading Australian company in the healthy food and beverage sector under several brands including “Cocobella”, “Rokeby”, “Impressed” and “NutrientWater”, in its acquisition of interest in Crossmax Retail Co., Ltd., Thailand’s market leader in ready-to-drink protein shakes named "Hooray!"


• Advised Supersports, Thailand’s No. 1 sports specialty retailer within the Central Group, on its acquisition of interest in Rev Edition, the authorised distributor of high performance sports brands (e.g. Hoka, Teva, Saucony, Champion) operated under the "Rev Runnr" stores, with more than 60 locations nationwide


• Advised Successmore Being on the acquisition in Power Agrotech (Thailand)


• Advised Carlyle on the formation of a joint venture company with Taiwanese majority shareholders and the acquisition in Sushi Express and Sushi Express (Samoa), a popular conveyor-belt sushi chain restaurant across Asia


• Advised CJ CheilJedang, a leading Korean food culture company with products under the brand “bibigo”, in its investment and business cooperation with A-Best, a sophisticated local agricultural producer, manufacturer and seller


• Advised BSCM Foods, a subsidiary of Chia Meng Marketing and leading producer of jasmine rice under the brand names "Hongthong" and "Golden Phoenix", on the acquisition in Khaeng Rang Took Wan, the manufacturer and distributor of health food products under the brand “Nim Nim”


• Advised Bain Capital Credit in connection with its Series A financing of USD 250 million to Cuisine Solutions Inc. in regard to its Thailand operations


• Advised RS on its acquisition of Unilever Life (ULife), a direct selling and marketing business unit of Unilever, by its subsidiary, RS-U Life


• Advised Food Selection and Food Culture, the Japanese restaurant operators of the “Shinkanzen Sushi” and “Semma Sushi” brands, on their joint venture with Central Restaurants Group (CRG)


• Advised on the joint venture between Betagro and Kerry Express under the name “Kerry Betagro” to engage in cold chain delivery service business


• Advised Central Pattana in connection with an acquisition by its subsidiary of a majority interest in Siam Future Development, followed by a mandatory tender offer of all its total issued shares. The transaction was subsequently awarded the “Deal of the Year 2023” by the Stock Exchange of Thailand


• Advised Boon Rawd Trading on its investment in Siri Pro, which engages in food and beverage distribution businesses


• Advised Freshket on its Series A and Series B fundraising of USD 3 million and USD 23.5 million, respectively


• Advised Central Pattana on its joint venture with MEA Commercial Holdings in CPN Village, the operator of Central Village


• Advised on a voluntary tender offer by Thai President Foods of President Bakery


• Advised on the divestiture by Korphaibool Family to Hitachi Chemical Group of shares in Hitachi Chemical Storage Battery, a leading manufacturer and distributor of automotive and motorcycle batteries under the “3K” brand


• Advised on the investment in Kaset Thai, which is an operator of a fully integrated sugar business as well as the business related to by-products from the sugar production process, as part of its IPO by Sumitomo Corporation


• Advised Bangkok Dusit Medical Services (BDMS) Group on the acquisition of Save Drug Center, a renowned pharmacy chain with countrywide outlets


• Advised a leading integrated poultry company on its proposed investment in KFC


• Advised a leading retail group company in Thailand on its proposed acquisition of Asia Books


• Advised on the acquisition of the entire interest in Royal Porcelain


• Advised Singha Corporation, one of the largest food and beverage corporations in Thailand, on its acquisition of Hesco Food


• Advised on the formation of a joint venture between a group of shareholders in Villa Market and We Retail, a subsidiary of Property Perfect


• Advised on the backdoor listing of Central Online (previously known as OfficeMate) as a result of the mergers among Office Mate, Office Depot and B2S


• Advised on the acquisition in Toys “R” Us by Toys “R” Us, Inc. as part of its Asian shareholding restructure, including advising its Thailand subsidiary on corporate, commercial and employment-related matters


• Advised a bidder in respect of an investment in McDonald’s Thailand, Carefour Thailand and Asia Books


• Advised Seacon Development on its acquisition of the entire interest in Wattanawana (during its business rehabilitation proceedings), which owns and operates Future Park Bangkae


• Advised a joint venture partner of Berli Jucker for its logistics, trading and distribution-related businesses in Vietnam


• Advised a leading integrated poultry company in its proposed investment in McDonald’s Thailand


• Advised on the sale of shares in CP Seven-Eleven by Thaivest (a GIC group company) as part of an IPO by CP Seven-Eleven


• Advised GFPT on its asset disposal to McKey Food Services (Thailand)


• Advised GFPT on its joint venture with Nichirei Foods Inc.


• Advised on the disposal by Siam Makro of Makro Office to Office Club, a Central Group company


• Advised on the disposition in Berli Jucker by First Pacific Group


• Advised on the acquisition by Groupe Casino of a substantial shareholding in Big C, one of the largest retailers in Thailand

Capital Markets

• Advised on the IPO and listing of i-Tail Corporation, the largest IPO in the food and beverage sector and the second-largest IPO of 2022 in the Thai capital market


• Advised on the IPO of L&H Shopping Centers Real Estate Investment Trust


• Advised on the public offering of CPN Retail Growth Leasehold Property Fund

Financing

• Advised MBK on a USD 12 million Revolving Working Capital Facility from The Bank of Nova Scotia


• Advised Seacon Development on its acquisition of the entire interest in Wattanawana (during its business rehabilitation proceedings), which owns and operates Future Park Bangkae, which was partially financed by a THB 1.2 billion loan facility from Bangkok Bank and Thanachart Bank


• Advising GFPT Nichirei on a THB 1.17 billion credit facility from Mizuho Corporate Bank, The Bank of Tokyo Mitsubishi UFJ, Bangkok Branch, Sumitomo Mitsui Banking Corporation, Bangkok Branch, and TMB Bank

Others

• Advised Betagro in relation to its solar rooftop power projects and power purchase agreements for its 24 industrial sites with Total Solar (Thailand), and other general commercial contracts


• Advised F&N in relation to a number of its contracts with suppliers and customers regarding its ice cream production business and factory


• Advised Betagro in relation to the distribution agreement with its distributor in Hong Kong and Greater China


• Advised Thai Namthip, a manufacturer and distributor of soft drink beverages under the brands “Coca-Cola”, “Coke”, “Fanta”, Sprite”, and “Schweppes” in Thailand, on a number of its commercial contracts with its business partners as well as certain corporate matters


• Advised Ek-Chai Distribution, the operator of Tesco Lotus – one of the largest supermarket chains in Thailand – on laws and regulations concerning electronic payment businesses and applications for relevant licences from the Bank of Thailand


• Advised a franchisee of Boost Juice for its Thailand operation


• Advised a franchisee of Gymboree for its Thailand operation