PACE ACQUIRES DEAN & DELUCA U.S.A.
In a landmark deal, PACE Development has entered into an
agreement for the acquisition of the global business, assets and
iconic brand of Dean & DeLuca. This purchase will both boost PACE
capabilities as a developer of high-end mixed-use real estate as
well as providing access to new global growth opportunities with
Dean & DeLuca.
The deal, valued at around US$140 million (Bht 4.55 billion approx)
includes the supply chain and operations of eleven outlets and
two commissaries in the United States as well as the licensing
agreements in 31 international locations, among them four outlets
in Thailand, as well as outlets in Japan, Singapore, South Korea,
Kuwait, Qatar, and the United Arab Emirates.
Founded in 1977 in SoHo New York by two chefs, the world-famous
brand is dedicated to providing the world’s best epicurean treats
for cooking, eating and entertaining, inspired by a passion to share
food of incomparable quality and taste.
The acquisition of a globally successful retail brand provides a
major new element to PACE’s real estate business, through enabling
Thailand’s leader in high-end real estate to create a superior total
environment for living, rather than just bricks and mortar. Home
owners increasingly are asking for a full range of services with the
convenience of dining and entertainment options on property – so
acquiring Dean & DeLuca is part of a major initiative by PACE to
integrate lifestyle into the business model.
The acquisition adds a new diversified global revenue stream and
business line to PACE’s existing Thai portfolio, and the bundling of
upcoming PACE developments with exciting lifestyle propositions
such as Dean & DeLuca will help drive growth in future.
Dean & DeLuca has already proven highly successful in the Thai
market at PACE’s MahaNakhon mixed-use development as well as
Central Embassy, Park Ventures and Sathorn Square.
As one of New York’s most respected brands, PACE intends to
honour that heritage, through carefully expanding operations of
Dean & DeLuca U.S.A. worldwide, with new outlets opening in
leading high-end retail locations using both direct and existing
license arrangements. PACE will finalise the masterplan for the
brand’s growth long-term over the coming year, and thereafter
expects to focus on both expanding into existing and new markets
around the globe, aiming to reach more than 15 countries and
stores numbering in the hundreds within the next 2 years.