Commonwealth Capital eyes S-E Asia with growth push across F&B, logistics and manufacturing
Expansion comes amid leadership shuffle; founder Andrew Kwan steps up as executive chairman while Shawn Loh, Ryan Kwan assume top roles
[SINGAPORE] Home-grown food and beverage firm Commonwealth Capital is setting its sights on the regional stage, aiming to become a multinational enterprise across the food sector.
Operating across food services, manufacturing, and cold-chain logistics, the group plans to expand domestically and internationally, through organic growth and targeted mergers and acquisitions.
Andrew Kwan, group managing director, told The Business Times: “Broadly, we want to grow more internationally than domestically at this phase of our life cycle.”
“We have been intentional about building a strong platform locally in Singapore so as to properly catapult to the regions beyond when we are ready. We sense that moment has arrived,” he added.
The expansion comes amid a leadership transition. Andrew Kwan will take on the role of executive chairman, while Shawn Loh assumes the role of group managing director. Ryan Kwan, current group director of special projects and operations, will succeed Loh as deputy group managing director. These changes take effect on Jan 1, 2026.
In his new role, Andrew Kwan will steer strategic initiatives and partnerships and advise the management team.
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“There’s no perfect time; this is a relatively peaceful and quiet period in terms of the business that we are running…I think it’s a good time for the group to identify succession plans and good people to take it to the next level,” he said.
Loh and Ryan Kwan will oversee the group’s business units and investee companies, advancing the next phase of growth. This will focus on strategic mergers and acquisitions across the region, particularly in Indonesia, Vietnam, Malaysia and the Philippines, spanning all three of the group’s business verticals.
Loh, who is also a Member of Parliament for Jalan Besar, said: “The company’s ambition isn’t to accept the status quo but to continue growing.”
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The strategy reflects a push to future-proof the business amid geopolitical volatility and shifting sourcing patterns among multinational food companies. Customers are increasingly seeking multiple, reliable supply locations, creating openings for Singapore – and Commonwealth Capital – to serve major multinational corporations domestically and across the region, Andrew Kwan said.
Food manufacturing
Commonwealth Capital plans to expand manufacturing through new regional operations and by increasing its products to serve international customers, including the “largest quick service restaurant brands”.
A key example is its 20,000-square-foot bakery facility in Indonesia, launched in October, that can support orders for up to 3,000 retail locations, said Ryan Kwan.
The plant is part of a joint venture with Indonesian partners; Commonwealth remains the controlling shareholder.
Loh said more overseas manufacturing facilities could be developed in the future, depending on product and market needs.
“We do different types of manufacturing – central bakery, sauce production, reprocessing and ice cream production,” he said.
“For bakery it makes sense to produce in-market as you don’t want to ship bread for a long time. But for items such as sauces or frozen intermediate products, like cookie dough, production can be centralised in Singapore and exported to the region,” he added.
Ryan Kwan said production sites are chosen based on customer locations and regulations – for example, Indonesia may be preferred for Halal products – while serving markets across South-east Asia and North Asia, including Japan and Korea.
Food logistics
Commonwealth Capital is also expanding its food logistics capabilities, which it sees as key to supporting Singapore’s food resilience.
Its 70 per cent-owned joint venture with Japan’s Kokubu Group, Commonwealth Kokubu Logistics (CKL), provides end-to-end supply chain solutions to food retailers and food services firms, in Singapore and the region. CKL is developing a S$200 million facility in the Jurong industrial area to expand its logistics network and support the group’s regional growth ambitions.
In the medium term, Commonwealth Capital plans to use its Singapore logistics operations as a platform to scale, said Andrew Kwan.
When asked about the timeline for regional expansion, he said the details are forthcoming – noting that the group is exploring some South-east Asian markets to extend its cold-chain network while offering multinational customers the same quality standards available in Singapore.
Food services
The group is also ramping up its food services operations – including brands such as PastaMania, Swissbake and The Soup Spoon.
Growth in this segment comes in two ways: internationally, through franchise opportunities and expansion of its more scalable brands; locally, through mergers and acquisitions of “like-minded” operators and organic growth via same-store expansion and brand refreshes, said Loh.
For example, PastaMania – the oldest dining brand in the group – underwent a revamp to give it a “younger and fresher look.” In September, artisan bakery Baker & Cook took over Prive’s space at the Asian Civilisations Museum, bringing its total stores in Singapore to 13.
Andrew Kwan said: “Our existing brands are continually refreshed to serve a market where consumer tastes change quickly. We are happy to work with reasonable landlords who find our portfolio of concepts attractive.”
Industry woes
Despite its growth, Singapore’s F&B sector remains competitive. Closures hit a 20-year high of 3,047 in 2024; the first quarter of 2025 had more than 300 closures, including brands such as Eggslut, Haidilao, and Superfood Kitchen.
Speaking from his experience as former president of the Restaurant Association of Singapore, Andrew Kwan said tenant churn has always been a constant, though operators face increasing pressures from manpower shortages and rising real estate costs in recent years.
“The real challenge is how do you make the books balance when your cost of inputs get more expensive; consumers generally do not wish to pay higher prices,” he said.
“So what’s happening now is that the industry is trying to absorb a lot of that incremental cost, but there is a tipping point where you can’t continue to do so.”
He added that the group’s diversified portfolio helps mitigate these risks. Commonwealth Capital balances widely accessible brands, such as PastaMania, Baker & Cook and Soup Spoon, with destination concepts like Fat Cow and Bedrock Bar & Grill. This mix allows the group to cater to varying consumer preferences and maintain resilience, he said.
Beyond diversification, brands benefit from a centralised production model controlling the supply chain for most of the group’s food services brands, Loh said. By procuring ingredients in large volumes and processing them at its facilities before final preparation at individual outlets, the brands achieve a more competitive cost structure.
Financial outlook
The group expects its expansion across manufacturing, logistics, and food services to drive continued growth. Andrew Kwan said Commonwealth Capital’s revenues are already “in excess of S$200 million” and noted that the company has generally grown year on year over the past three decades.
As a privately held company, Commonwealth pursues opportunities as they arise – through organic expansion, acquisitions or new initiatives – allowing sustained and sustainable growth.
Despite its ambitions, an initial public offering is “not actively on the cards,” Loh said. The company does not need to raise capital at this juncture, as it can access private debt and equity if needed, nor does it currently aim to make shares more liquid for employees.
Ryan Kwan said: “The overarching picture is that Commonwealth Capital is a growth company…This transition is about ensuring a smooth handover, future-proofing our teams, and bringing in complementary skill sets so the business can continue to run while preparing for that uplift in growth.”
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