Jacobs Douwe Egberts (JDE) has offered to buy Malaysian halal coffee chain OldTown Berhad, valuing the company at MYR 1.47 billion ($361 million).
Founded in 1999, OldTown operates 232 café outlets, comprising 189 in Malaysia, nine in Singapore, 27 in Indonesia, one in Australia, three in China, one in Hong Kong and two in Myanmar. The outlets operate under the OldTown White Coffee brand name.
OldTown also manufactures and markets instant coffee mix, instant milk tea mix, instant chocolate mix and roasted coffee powder, offering products to more than 17 markets.
JDE, which is part of JAB Holding, has already invested in Asia this year with the acquisition of Singapore-listed coffee manufacturer Super Group in June.
Speaking of the OldTown offer, JDE CFO Fabien Simon said: “The team at OldTown has built an impressive footprint of FMCG and F&B business across the Asia Pacific region under the leadership of group managing director, Mr. Lee Siew Heng.
“The OldTown team is focused on delivering premium, high-quality products to consumers and we see huge potential in the business. We are excited to work with the OldTown team to rapidly grow the business as part of the broader JDE platform.”
Lee Siew Heng added: “We are deeply honoured that JDE recognises the powerful brand and platform that we have tirelessly built over the past 18 years.
“We strongly believe JDE is the ideal partner as we continue to serve best-in-class products to our customers. We look forward to drawing on JDE’s deep global expertise and building a highly successful partnership with them.”
JDE serves customers in more than 120 countries through brands such as Jacobs, Tassimo, Moccona, Senseo, Douwe Egberts, Super, Kenco, and Pilao & Gevalia.
© FoodBev Media Ltd 2024