BANGKOK -- Thailand's luxury real-estate company Pace Development is acquiring Dean & DeLuca, the high-end grocery store and cafe chain, from the U.S. parent company Dean & DeLuca Holdings for $140 million.
Pace will take over Dean & DeLuca's 11 outlets and two commissaries in the U.S. together with the licensing agreements for 31 international locations in seven other countries, including Thailand, Japan and the United Arab Emirates.
Dean & DeLuca Holdings owns 93.56% of Dean & DeLuca. Pace plans to close the deal in December and retain the existing management team.
Dean & DeLuca opened in 1977 in New York as a gourmet grocery store. Its offerings include in-house brands and attached coffee shops serving sandwiches, salads and pastries.
Pace's main business is developing luxury properties and its portfolio ranges from urban mixed-use condominiums to beachside properties. It is developing Thailand's first Ritz-Carlton Residences in Bangkok.
Chief Executive Officer Sorapoj Techakraisri hopes to marry the Dean & DeLuca premium culinary outlets with its top-end property business.
"We aim to capitalize on the global convergence of super-premium mixed-use property development and lifestyle brands," he said in a statement. "People want a total delivered environment where they feel good about living."
Currently, Dean & DeLuca has 42 outlets worldwide. Sorapoj aims to increase this number into the hundreds within two years and to double the global footprint to more than 15 countries. "Dean & DeLuca is one of the world's great brands and we want to fully maximize the potential," said Sorapoj.