Fico and Evolution Tap Into Food Service Sector

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Posted: 11 Oct 2012 | 6:00 am

News of the acquisition of a 33.7% stake in the listed firm Evolution on the SET by hospitality focused group Fico has the industry buzzing.

Evolution is a shareholder in Red Planet Hotels who hold the Tune budget hotel franchise in a series of key Asian countries.

Fico is best known for its hotel portfolio which includes a number of ACCOR managed properties.

Under the deal Fico which has country rights for Coffee Bean and Tea Leaf and Domino's Pizza will vest these into the Evolution entity. They also have the in house Iron Fairies and Mr Jones Orphanage outlets which they are keen to expand.

Thailand already has a crowded playing field in the food services sector including prominent plays such as Minor and Central, so there remain intrinsic challenges to the move. Will we see a second round of pizza wars?

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