The Business Times
business-time-50
SUBSCRIBERS

Turn Capital eyes more undervalued assets after Flash Coffee Thailand buyout

google-preferred-sourceAdd BT as a preferred source
Claudia Chong

Claudia Chong

Published Thu, Nov 23, 2023 · 07:39 PM
    • Turn Capital partners (from left) Shang Koo, Ho Kheng Lian and Joseph Phua are targeting deals in the consumer and technology sectors.
    • Turn Capital partners (from left) Shang Koo, Ho Kheng Lian and Joseph Phua are targeting deals in the consumer and technology sectors. PHOTO: TURN CAPITAL

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    TURN Capital, the firm started by the co-founder of live-streaming operator 17Live, has raised its maiden fund to invest in business turnarounds in the consumer and technology sectors.

    The fund’s first deal is a total buyout of the Thai unit of Flash Coffee, the venture-backed coffee chain that is undergoing consolidation across its markets. The deal size was undisclosed.

    Turn Capital, founded in 2020 by Joseph Phua as a single family office investing in distressed assets, is looking to take controlling stakes in Asian companies, and to turn them around towards profit-breakeven within a year.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Flash CoffeeVertex Technology Acquisition Corp (VTAC)BankruptcyM&A

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    With the move, Ensign InfoSecurity will be reclassified as an associated company of StarHub, rather than a subsidiary.

    StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain

    The yen weakened to a low of 125.33 yen per Singdollar on April 13, before recovering slightly to about 124.91 on April 15.

    Singaporeans can now buy record amount of yen per Singdollar

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    Keppel DC Singapore 7 and 8 (above). Portfolio occupancy of the Reit stands at 95.6%, with a reversion of about 51%.

    Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More