THAILAND – Bangkok-based seafoods products producer, Thai Union Group has increased its stake in Thammachart Seafood Retail to 65 percent seeking to expand its footprint in Thailand’s domestic seafood retail business.
Thai Union has acquired an additional 39.9 percent stake in Thammachart Seafood bringing the company’s shareholding in the seafoods retailer to 65%. Financial details of the transaction were not disclosed.
The group made its initial investment in Thammachart in 2018 when it snapped a minority 25.1 percent shareholding.
Commenting on the deal, Rittirong Boonmechote, President – Global Frozen and Related Unit, Thai Union Group, said:
“Thai Union decided to invest in Thammachart Seafood Retail, recognizing 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.”
Thammachart Seafood runs its business through 190 locations across Thailand including 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.
Earlier this year, the retailer opened its third business unit, the seafood-focused food service business where it currently supplies top-end hotels and restaurants including several Michelin-star restaurants in Bangkok.
To further assist its vision of providing seafood solutions across the country Thammachart has also opened a purpose-built warehouse that has a centralized kitchen, chef’s table, production facility and storage.
Julian Davies, CEO of Thammachart 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.
Having Thai Union on board will help us realize our mission to be the customers’ first choice in seafood.” 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