Magazines Archives - 2007 November
Auric Pacific Group takes over Délifrance Asia
AURIC PACIFIC GROUP, a Singapore subsidiary of Indonesian business conglomerate Lippo Group, has acquired French-concept restaurant, Délifrance Asia, for S$75 million (US$51 million) from Prudential Asset Management Asia, the owner of the restaurant chain, in early October this year.
In a statement released by the Auric board of directors, the acquisition is viewed as an opportunity to acquire a premium brand in the bakery and retail food business, which would furtherreinforce the Indonesian groups placing in the retail-food sector.
In a separate interview with the local media, Lippo Group president Stephen Riady added: [Although] Auric is involved in food manufacturing and distribution, we would like to go directinto food retailing.
With over 200 franchised and owned outlets throughout South-east Asia, Délifrance has grown to become one of the largest fast-food restaurant chains, despite lagging behind in competition against other global chains, such as KFC, McDonalds and Starbucks.
Still, Riady strongly believes the venture is a good way for Auric to distribute its other food products that do not have access to other markets outside Singapore. Auric will lend its expertise in operations and distribution of food and FMCG (fast-moving consumer goods), while gaining immediate presence in many Asian economies, including Hong Kong, Shanghai, Sri Lanka, Thailand, Brunei and the Philippines, where Délifrance is already established.