Turn Capital Acquires Flash Coffee’s Thailand Business

This is an English adaptation of a FoodBud historical article originally published on November 22, 2023.

On November 21, Turn Capital announced that it had acquired the Thailand business of Singapore-based coffee chain Flash Coffee through its new Capital Opportunities Fund. The transaction value was not disclosed.

Turn Capital was founded by Joseph Phua, co-founder and honorary chairman of 17Live.

Thailand Expansion Plan

Turn Capital said it plans to open more than 100 new stores over the next two years, expanding Flash Coffee’s Thailand network to more than 200 locations.

Flash Coffee Background

Flash Coffee was founded in 2020 by David Brunier, former Asia-Pacific CMO of Foodpanda, and Sebastian Hannecker, a former Bain & Company analyst.

Since launch, the brand had expanded to more than 250 stores across markets including Indonesia, Singapore, Japan and South Korea.

Singapore Closure

In October, Flash Coffee filed for liquidation in Singapore and closed its 11 Singapore stores. The company said it would focus on its "most promising markets" and added that some markets were close to achieving EBITDA profitability.

Note: acquisition details, expansion plans, IPO/financial figures and forward-looking targets are historical as of November 2023.