For many Malaysians, ice cream can be considered as one of the most coveted desserts, given their wide range of flavours as well as our typically hot and humid weather. Quick to address that demand, entrepreneurial husband-and-wife team Edmund Tan and Lim Shiew Li then decided to create Inside Scoop all the way back in 2013.
Fast forward to 2023, the brand has since become one of the most easily recognisable dessert stalwarts in the country with their diverse range of flavours inspired by local tastebuds, serving up frozen treats from their 26 outlets across the country.
Source: Inside Scoop
Farm Fresh to acquire 65% stake with RM83.9 million in Inside Scoop
Recognising the potential in the business, local dairy conglomerate Farm Fresh has announced that they will be investing into Inside Scoop and acquiring a 65% stake in the company for a whopping RM83.9 million.
Speaking to BFM, Farm Fresh’s managing director Loi Tuan Ee has revealed that the valuation given was based on the brand’s potential and past performances.
“The way we look at it, Inside Scoop is a very strong home grown ice cream brand”, he said.
Source: BFM
Comparing them to other internationally recognised ice-cream brands such as Baskin Robins and Haagen Dazs, Loi says that the local creamery now stands shoulder-to-shoulder next to their global counterparts and calls their investment as means of ‘buying a credible brand’.
This is owing to the fact that very few Malaysians have been able to not only build a premium brand but dominate their market segment, especially in one that is already crowded with other more established competitors.
Source: Instagram
Explaining their investment, Loi said that Farm Fresh will first acquire 53% stake from Inside Scoop’s existing shareholders for RM68.4 million. This will then be followed by a separate acquisition of another 12% for RM15.5 million, totaling to RM83.9 million for 65% stake.
Speaking to WauPost, Inside Scoop co-founder Edmund Tan said that the investment is a positive sign of their company’s growth.
“We have always admired what the Farm Fresh team has achieved and look forward to tapping into their experience. What’s more, we are already a user of some of their products, so there are some synergies there.” he said.
With the new influx of capital, he said that they will be looking to expand their corporate footprint across the country more rapidly, while still maintaining their financial discipline, while granting them the opportunity to explore new verticals in the ice-cream industry.
It’s truly inspiring to see a local brand supporting another local brand in hopes for better growth and future. We can’t wait to see what positive changes would come out from this coming together of two Malaysian giants!
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