Thailand’s PACE Development Corp. plc has entered into an agreement for the purchase of the iconic gourmet food brands, Dean & DeLuca, as well as its global business and assets for $140 million from Dean & DeLuca Holdings Inc. The move aims to boost PACE’s capabilities as a developer of super-premium mixed use developments as well as fuel rapid global growth of the Dean & DeLuca gourmet food and beverage retailing business. It also aligns with the company’s strategy to build a portfolio of global food and beverage brands.
The purchase includes the supply chain and operations of 11 outlets and two commissaries in the United States as well as the licensing agreements covering 31 international locations, including outlets in Japan, Singapore, South Korea, Thailand, Kuwait, Qatar, and the United Arab Emirates.
According to Sorapoj Techakraisri, CEO of PACE Development Corp. plc, the Dean & DeLuca brand has “extraordinary potential for rapid growth globally. We expect to open hundreds of new stores in the next two years to add to the current 42 stores, and to increase our global footprint from eight countries to more than 15 countries in the same period through licensing and our own investments.”
