Fashion
Malaysian coffee chain Zus Coffee has secured a US$57.27 million (RM 250) investment to support its expansion in Singapore and Brunei this year. The funding was secured from a consortium comprising private equity firm KV Asia Capital, Malaysian pension fund KWAP, and Indonesia’s Kapal Api Group.
Founded in 2019, Zus Coffee has expanded to become one of Malaysia’s largest coffee chains, with an estimated 550 stores.
It has also extended its footprint to the Philippines, where it operates 50 stores. This is following a strategic partnership with the Filipino hospitality group Choi Garden Restaurant Company, which acquired a 35 percent stake in the company last year.
The Edge reports that the investment from KV Asia Capital will be raised in two phases: an initial US$10.7 million (RM 50 million), followed by an additional $42.8 million (RM 200 million) at a later date.
KV Asia Capital has already invested in several other companies in Southeast Asia. These include the Taguig-based Wildflour Hospitality Group, the Vietnamese logistics firm Bee Logistics, the Indonesian beauty brand Victoria Care, the health food supplement company DXN, and the Malaysian supermarket chain TF Value Mart.
Ernst & Young Malaysia acted as an adviser for the transaction.
