THAI UNION INCREASES STAKE IN RETAIL COMPANY
Thai union increases stake in retail company
Thai Union Group PCL. has expanded its footprint in Thailand’s domestic seafood retail business, increasing its stake in Thammachart Seafood Retail Co., Ltd. to 65 percent.
Thai Union’s acquisition of a 39.9 percent share in Thammachart Seafood comes after the company acquired a 25.1 percent stake in 2018.
Rittirong Boonmechote, President – Global Frozen and Related Unit, Thai Union Group PCL, said: “Thai Union decided to invest in Thammachart Seafood Retail, recognising that this investment is a good synergy of the two companies. While Thai Union has strength in frozen seafood and food service, Thammachart Seafood is strong in branding and marketing with formidable executives and a team with more than 10 years of experience and expertise in retail and premium seafood brands. This will fulfill our goal of expanding further into the Thai domestic market and other markets including Laos, Cambodia and China. Besides managing its own operations, Thammachart Seafood will bring their expertise in branding and marketing to Thai Union’s Qfresh branded products which will allow it to expand into both B2B and B2C segments.”
Julian G. Davies, CEO of Thammachart Seafood Retail, said: “Thammachart Seafood provides professional management services to leading Thai retailers for their seafood counters, handling fresh and frozen products at 190 locations throughout Thailand. This includes four food and beverage concepts at 18 locations, The Dock Seafood Bar, The Lobster Lab, Seafood Mahanakorn as well as management of the Ocean Bar. We opened our third business unit earlier this year, the seafood-focused food service business where it currently supplies top-end hotels and restaurants including several Michelin-star restaurants in Bangkok. Moreover, to assist our vision of providing seafood solutions to our customers, we also opened a purpose-built warehouse that has a centralized kitchen, chef’s table, production facility and storage. Having Thai Union on board will help us realize our mission to be the customers’ first choice in seafood.”