Recently, Malaysia’s largest homegrown dairy company Farm Fresh Bhd (FFB) has proposed to acquire a majority stake in the local ice cream chain The Inside Scoop for RM83.9 million. It plans to acquire a 53% stake for a proposed acquisition of 462,739 existing ordinary shares in The Inside Scoop Sdn Bhd (TISSB).
In a filing with Bursa Malaysia today, FFB said the acquisition represented 53% of the enlarged issued shares in TISSB after the completion of the proposals, for a total purchase consideration of about RM68.4 million, subject to adjustments.
Upon completion of the proposals, Edmund Tan, the founder of TISSB with his wife Lim Shiew Li, will hold a 35% stake. FFB plans to keep the couple on board to continue steering the company.
FFB said the proposals will pave the way for the group’s entry and ownership in one of the fastest-growing artisanal ice creameries and the largest home-grown ice cream chain in Malaysia.
“FFB intends to leverage on the competency and experience of the founders of TISSB who will spearhead FFB’s ice cream division and lead our foray into the lucrative consumer package goods ice cream market,” it said.
Founded by a husband-and-wife duo who had careers in finance, with Tan as an investment banker and Lim as an actuary – Inside Scoop was inspired by their love for ice cream and for wanting to create happy memories. The couple noticed a gap in the premium ice cream market where it was predominantly served by international chains.
Hence, they decided to create ice cream that is made fresh locally by using high-quality ingredients sourced from the world over and inspired by their Malaysian taste buds. However, neither of them is culinary trained. Thus, Lim went to study in Gelato University, Italy to understand more about the science behind ice cream.
Since its inception, the ice cream chains offer over 16 unique ice cream flavours including Durian, cendol and onde-onde. Currently, Inside Scoop has about 20 outlets nationwide, not only in the Klang Valley but also as far as Ipoh, Melaka, and Johor Bahru.
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