Lakeshore secures 2.75x return on Bangkok steakhouse deal

Santa Fe became Lakeshore’s second investment in early 2015, when the GP acquired a stake of undisclosed size for $4.5 million.

Singha has taken a 90% interest in the company via a recently established subsidiary called Food Factors, which is intended to help the beer brewing giant expand its operations in the food, packaging, and property segments.

Santa Fe positions itself as one of Thailand’s fastest-growing food retail companies and a local category leader. During the Lakeshore holding period, it expanded its footprint from 66 to 116 restaurants, about half of which are in the Bangkok area with the other half in provincial cities. Lakeshore also supported the launch of the first international location in Cambodia. There are plans for further regional expansion.

Lakeshore invested the company through its debut fund, which raised $60 million in 2015 for Thailand-based consumer and light industrial mid-market companies. Recent activity includes investments of undisclosed size in cosmetics retailer Panpuri and drug manufacturer Devakam Apothecary Hall. A second fund is expected to launch in the near term with a similar mandate.

This is the second exit for Lakeshore, following a THB720 million ($24 million) IPO in 2017 by Humanica, a human resources and payroll services provider. Humanica was Lakeshore’s first investment in 2015, when the GP took a 25% interest for an undisclosed sum. Lakeshore sold its remaining 14% stake in the company last year. The exit is said to have generated a 13x return on initial investment.

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• Topics
• Southeast Asia
• Consumer
• Exits
• Trade sale
• Thailand
• Lakeshore Capital Partners