Lakeshore invests in Thai wellness brand

Panpuri will use the new capital to drive its expansion, according to a release. The company operates a network of more than 40 stores worldwide in addition to signature spas in Thailand, Malaysia, and Japan. Lakeshore’s investment will support marketing, research and development, and product innovation initiatives.

Founded in 2003, Panpuri specializes in bath and skincare products along with ambiance products such as candles and aroma diffusers, with a focus on natural and organic ingredients. It also offers spa consulting and management services. As part of the Puri Group, its sister companies include Puri Alchemy – a retailer of hotel and spa amenities – and Aqua Puri Laboratories, the group’s R&D and manufacturing branch.

Panpuri is the fifth investment from Lakeshore’s debut Thailand-focused fund, which closed at $60 million in late 2015. The firm focuses on minority and control investments in mid-sized businesses in areas including food, retail, consumer products, healthcare, education, logistics and business outsourcing. Its portfolio includes skincare company Aisance, acquired last year for $15.9 million, and digital marketing service provider ReadyPlanet.

Lakeshore achieved a liquidity event late last year when portfolio company Humanica, a provider of human resources and payroll outsourcing services, raised THB720 million ($23 million) in its IPO. The firm bought a 24% stake in the company in 2014, which was diluted to 17% via a fresh issue. Lakeshore did not sell any shares in the offering; AVCJ understands the firm has since sold a small portion of its shares, but retains the majority of its holding.

Humanica’s stock has appreciated considerably from the THB4 IPO price, trading around THB12.40 as of mid-afternoon on February 12.

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• Topics
• Southeast Asia
• Consumer
• Expansion
• IPO
• Thailand
• Lakeshore Capital Partners
• Growth capital
• Exit