Thai Beverage Public Company Limited (ThaiBev), Southeast Asia’s largest beverage producer, is exploring a potential sale of its KFC franchise business in Thailand, according to reports, as the company evaluates strategic options for its food business portfolio.
According to people familiar with the matter cited, ThaiBev is working with Bank of America to gauge investor interest in the business. The discussions are at an early stage, and there is no certainty that they will result in a transaction. ThaiBev has not publicly commented on the report, while Bank of America declined to comment.
The business under consideration is operated through QSR of Asia Co. (QSA), a ThaiBev subsidiary that has grown into the largest KFC franchisee in Thailand. QSA currently operates more than 500 KFC restaurants across the country, according to the company’s website.
ThaiBev entered the quick-service restaurant business in a major way in 2017, when it acquired 240 KFC restaurants in Thailand for approximately 11.4 billion baht (around US$340 million at the time). Since then, the company has significantly expanded the network through new store openings and acquisitions, making QSA the country’s largest KFC franchise operator.
KFC in Thailand is operated through a multi-franchise model. Alongside QSA, the other major franchise operators are Central Restaurants Group, part of Central Group, and Restaurants Development Co., which is backed by India’s Devyani International Ltd.
The potential divestment comes as ThaiBev continues to sharpen its strategic focus across its beverage and food businesses. Best known for brands including Chang beer and SangSom rum, ThaiBev has built a diversified portfolio spanning spirits, beer, non-alcoholic beverages and food operations across Southeast Asia.
No financial details or valuation for the potential KFC business sale have been disclosed. Bloomberg noted that the deliberations remain private and could still end without a deal.
Thai Beverage Plc (ThaiBev) is one of Southeast Asia’s largest food and beverage companies, with a diversified portfolio spanning spirits, beer, non-alcoholic beverages and food businesses. Through its subsidiary QSR of Asia (QSA), the company operates more than 500 KFC restaurants across Thailand, making it the country’s largest KFC franchisee. ThaiBev entered the KFC business in 2017 by acquiring 240 restaurants for approximately 11.4 billion baht (US$340 million) and has since expanded the network significantly. KFC’s Thailand operations are run under a multi-franchise model alongside Central Restaurants Group and Restaurants Development Co., while the brand is owned globally by Yum! Brands. Bottom of Form
