Navis exits Dunkin’ Donuts, Au Bon Pain in Thailand

The Asia-focused private equity firm acquired a controlling stake in the business at an enterprise value of THB775 million in 2006. Despite the difficult economic and political situation in Thailand, it doubled Dunkin' Donuts and Au Bon Pain's revenues and EBITDA by expanding the brands combined store network from 150 to 263 outlets.

This is the second private equity deal related to the fast-food industry in Southeast Asian within a month. In late December, CVC Capital Partners and Malaysian state investment arm Johor Corp. won board support for their MYR5.24 billion offer for QSR Brands and KFC Holdings in what could be the largest foreign private equity deal in the country.

Commenting on the Dunkin' Donuts and Au Bon Pain sale, David Ireland, a Navis partner based in Thailand, said: "The business has proved remarkably resilient even during the most difficult times and has performed exceptionally well particularly in the past few years. Both brands have many years of further growth ahead of them and we wish the management team continued success under their new shareholders."

Nick Bloy, Navis' managing partner, added that the deal represented a continuation of successful exits over recent months - and at good valuations despite difficulties in the M&A market.

In November 2011, Navis exited its 2008 investment in King's Safetywear, a Singapore-based company, for an enterprise valuation of S$430 million ($338 million) and well above 50% IRR (4-5x money multiple). It also signed off the buyout of five agencies of Australia's Photon Group in the same month.

However, Bloy has ended speculation that a buyout of China-based apparel and shoe-maker Xidelang is in offering. It has been reported that Navis is looking to acquire the company for around 1.2x book value and Xidelang issued a statement saying that the private equity firm had expressed interest in a deal during informal discussions.

The company later clarified that these discussions were on an exploratory level only and ended in November.

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• Topics
• Southeast Asia
• Consumer
• Exits
• Thailand
• Southeast Asia
• Consumer
• Exit
• Trade sale
• Navis Management