Novaland's coffee and restaurant chain purchased by Singaporean company
A Singaporean firm, arranged by VinaCapital investment fund, has acquired Nova FnB Company, a food services provider at Novaland’s projects. The deal’s value and the buyer’s identity remain undisclosed.
Novaland Group is currently undergoing a restructuring plan to focus on its core business of real estate. Prior to the acquisition, Nova FnB had 18 active brands, including Dynasty House, Phindeli, Mojo Boutique Coffee, and Shri Restaurant & Lounge, with others developed through franchise agreements. Following the acquisition, the Singaporean company has hired IN Hospitality to manage and operate Nova FnB, and the company’s name has been changed to IN Dining.
Nguyen Thanh Ha Ngoc, general director of IN Hospitality, has become the legal representative and general director of Nova FnB. VinaCapital’s Chief Investment Officer, Andy Ho, believes that foreign investment has the potential to further develop Vietnam’s F&B industry, which saw a 12% YoY increase in full-service restaurant sales and a 40% YoY increase in coffee and bar segment sales last year.