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Turn Capital eyes more undervalued assets after Flash Coffee Thailand buyout

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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

    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.

    Flash CoffeeVertex Technology Acquisition Corp (VTAC)BankruptcyM&A

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