Flash Coffee Thailand acquired by Turn Capital

Turn Capital, a turnaround buy-out firm established by 17Live Chairman Joseph Phua, recently finalized the acquisition of Flash Coffee's Thai operation. The financial details remain confidential.

The acquisition falls under the new Turn Capital Opportunities Fund, aiming to secure controlling stakes in companies with promising growth potential.

• About Turn Capital's Opportunities Fund: The fund intends to make three to five deals, investing significant capital and providing extensive human resources support to enhance operational growth.

• For Flash Coffee: Turn Capital envisions aggressive expansion in Thailand, planning to launch over 100 new stores within the following two years. This expansion will raise the total number of outlets to more than 200.

• About Flash Coffee: Flash Coffee, co-founded by David Brunier and Sebastian Hannecker (former executives at Foodpanda and Bain & Company, respectively), presents a unique business model. It enables customers to order beverages online via its app or book delivery through major platforms. The company also leverages its barista app to monitor store productivity, motivate staff, and automate all processes, such as purchase orders.

• Flash Coffee SG: Flash Coffee's recent decision to voluntarily wind up in Singapore led to the closure of its 11 stores in the city-state. Despite shutting down, the company remains confident, highlighting its focus on "most promising markets" that are nearing EBITDA profitability.

• Profitability: As of May, all of Flash Coffee's 93 stores in Indonesia were reported profitable.

Amid increased competition from Kopi Kenangan and Luckin Coffee, Flash Coffee underwent a round of layoffs. However, the company later raised $50M in series B funding.