Singaporean firm acquires Novaland's coffee and restaurant chain

By Phuong Dong   June 18, 2023 | 05:00 am PT
Singaporean firm acquires Novaland's coffee and restaurant chain
Diners at Dynasty House owned by NovaFnB, April 2023. Photo courtesy of Dynasty House
Nova FnB Company, which specializes in providing food services at projects developed by Novaland, has been acquired by a Singaporean firm through the arrangement of VinaCapital.

Investment fund VinaCapital confirmed the deal, but information on the buyer's identity and the deal’s value has not been disclosed.

The transaction takes place as Novaland Group is implementing a comprehensive restructuring plan to focus on its core business, which is real estate.

Before this deal, Nova FnB had 18 active brands, including Dynasty House, Phindeli, Mojo Boutique Coffee, and Shri Restaurant & Lounge.

Several others such as Jumbo Seafood, Sushi Tei, and Gloria Jean's Coffees have been developed through franchise agreements.

Through the introduction of VinaCapital, after the acquisition, the Singaporean company has hired IN Hospitality to manage and operate Nova FnB.

IN Hospitality is the owner of convention and wedding centers GEM Center and White Palace in Ho Chi Minh City.

Nguyen Thanh Ha Ngoc, general director of IN Hospitality, has now become the legal representative and general director of Nova FnB.

Andy Ho, VinaCapital’s Chief Investment Officer, said Nova FnB would have its name changed to IN Dining.

"VinaCapital has been a shareholder of IN Holding for the past four years, so we understand its capabilities and saw opportunities when we introduced it to our Singapore partner," he said.

Ho added that the F&B industry in Vietnam had a lot of potential for development, especially from foreign investment.

Sales of the full-service restaurant segment last year rose 12% year-on-year, while the coffee and bar segment grew 40%.

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