Singaporean business acquires NovaGroup's restaurant and coffee chain

Nova F&B Company, which specializes in providing culinary services at projects developed by NovaGroup, was acquired by a Singaporean enterprise through an arrangement by VinaCapital.

The above information has just been confirmed by VinaCapital investment fund, but the identity of the buyer as well as the value of the transaction have not been announced.

Before this deal, Nova F&B had 18 self-developed and franchised brands in operation such as Dynasty House, Phindeli, Mojo Boutique Coffee, Shri Restaurant & Lounge, Jumbo Seafood, Sushi Tei, Gloria Jean's Coffees.

Through the introduction of VinaCapital, after the acquisition, the Singaporean partner hired IN Hospitality to manage and operate Nova F&B. IN Hospitality is the owner of the GEM Center and White Palace conference and wedding centers in Ho Chi Minh City. Ms. Nguyen Thanh Ha Ngoc, General Director of IN Hospitality, also became the legal representative and General Director of Nova F&B.

Dynasty House Restaurant, one of the brands developed by Nova F&B. Photo: Business website — Dynasty House Restaurant, one of the brands developed by Nova F&B. Photo: *Business website*

Mr. Andy Ho - General Director of VinaCapital said that Nova F&B will be renamed IN Dining. "VinaCapital has been a shareholder of IN Holdings (parent company of IN Hospitality) for the past 4 years, so we understand the capacity and see the opportunity when introducing it to Singaporean partners," said Mr. Andy Ho.

According to Mr. Andy Ho, the F&B industry (food and beverage services) in Vietnam has a lot of potential for development, especially from the wave of foreign investment. He cited that the sales of the full-service restaurant segment (table service) last year increased by 12% compared to the same period, while the coffee and bar segment increased by 40%.

"Currently, in terms of restaurant chains, Golden Gates is the leader in terms of coverage, store size and revenue. If Golden Gates focuses on mid-range brands, IN Dining targets customers in a higher segment," Mr. Andy Ho shared and commented that IN Dining will rapidly expand within 24 months of changing ownership.

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