DFI to Acquire Starbucks’ Asia operations, Exit F&B brands including Genki Sushi, Shake Shack

SINGAPORE, 1 OCTOBER 2026 —

DFI to Acquire Full Control of Starbucks in Asia, Exit F&B Partnership as Maxim’s Caterers Splits

The restructuring, announced in a Singapore Exchange filing on September 29, marks the end of a four-decade joint venture between DFI and Hongkong Caterers, reshaping the regional food and beverage landscape as both firms pivot toward exclusive control of their respective portfolios.

The transaction underscores DFI’s strategic shift from passive investments to direct operational oversight, allowing it to align Starbucks’ expansion and investment decisions with the US-based coffee giant while assuming greater financial exposure to the volatile café industry. For Hongkong Caterers, the move consolidates its dominance over Maxim’s, a restaurant empire spanning 2,000 outlets across nine markets, including its own brands and international franchises like Genki Sushi, Ippudo, Shake Shack, and The Cheesecake Factory.

The deal, expected to close by the end of Q1 2027, will leave day-to-day operations unchanged during the transition, though it signals a broader realignment in Asia’s F&B sector as multinational chains and local operators recalibrate their partnerships.

DFI’s acquisition of the Starbucks business—operating 1,100 licensed coffeehouses across the region—will immediately bolster its revenue and operating margins, the company said. The move follows DFI’s 2025 sale of its Singapore food retail arm—Cold Storage, CS Fresh, Giant, and Jason’s Deli—to Malaysian retailer Macrovalue for US$125 million, part of a broader effort to streamline its portfolio.

Group CEO Scott Price framed the transaction as the "final milestone" in DFI’s transformation from a diversified holding company into a "focused operating company," prioritizing assets where it can exert direct control. "This is about shifting from a portfolio to a company that operates businesses it believes in," Price stated, emphasizing the strategic importance of Starbucks’ regional footprint and brand strength.

The deal’s roots trace back to 1972, when Jardine Matheson Group—through its subsidiary DFI—formed a joint venture with Hongkong Caterers to acquire Maxim’s, a Hong Kong-based restaurant group founded in 1956 by the Wu family. For nearly half a century, the partnership allowed DFI to participate in Maxim’s growth while maintaining operational independence. However, under accounting rules, DFI’s 50% stake was classified as an "associate" rather than a controlled subsidiary, limiting its influence.

The new arrangement will eliminate that constraint, enabling DFI to collaborate more closely with Starbucks Corporation on market expansion, store formats, and digital initiatives. Analysts note that while the acquisition strengthens DFI’s consumer-facing business, it also exposes the company to heightened competition in the café sector, rising labor and rent costs, and shifting consumer preferences—factors that could test its operational margins.

Hongkong Caterers, meanwhile, emerges as the sole owner of Maxim’s, inheriting a diversified portfolio that includes bakeries, catering services, and festive products alongside its international brands. Chairman and managing director Michael Wu reaffirmed the group’s commitment to expansion, particularly in mainland China, Hong Kong, Macau, and Southeast Asia, where Maxim’s has been aggressively scaling its presence.

Wu highlighted the company’s investment in employees and communities as a cornerstone of its growth strategy, positioning Maxim’s to capitalize on Asia’s evolving dining trends.

The divestment of DFI’s stake does not diminish Maxim’s ambitions; rather, it allows Hongkong Caterers to pursue acquisitions and partnerships without external equity constraints, potentially accelerating its international rollout of brands like Shake Shack and The Cheesecake Factory, which have gained traction in markets where local operators seek premium F&B offerings.

The restructuring reflects broader industry trends in Asia’s F&B sector, where multinational chains and local conglomerates are increasingly favoring exclusive partnerships over joint ventures. Starbucks, which has expanded rapidly across Southeast Asia in recent years, stands to benefit from DFI’s deep regional retail expertise, particularly in markets like Singapore and Thailand, where café culture is growing.

The coffee chain’s decision to consolidate its Asian operations under a single operator—rather than maintaining multiple licensing agreements—aligns with its global strategy of centralizing control to drive consistency and innovation. For DFI, the acquisition diversifies its revenue streams beyond traditional retail, though it introduces new risks in an industry where consumer spending is sensitive to economic fluctuations.

The timing of the deal also coincides with DFI’s broader portfolio optimization. Beyond the US$125 million sale of its Singapore food retail assets to Macrovalue in 2025, the company has been shedding non-core holdings to focus on high-growth segments. Its remaining retail brands—Guardian, Mannings, 7-Eleven, and IKEA—are expected to benefit from the capital infusion, though the Starbucks business will operate as a standalone entity within its consumer division.

The transaction does not include DFI’s existing 7-Eleven convenience stores, which remain a core part of its regional retail network. For investors, the move signals DFI’s intent to leverage its real estate and operational infrastructure to support Starbucks’ ambitions, potentially unlocking synergies in store locations and supply chain logistics.

While the deal does not immediately impact Maxim’s day-to-day operations, the separation of Starbucks from its broader F&B portfolio could reshape competitive dynamics in key markets. In Singapore, where Maxim’s has long dominated the café and restaurant scene, the consolidation of Starbucks under DFI may accelerate the chain’s expansion, particularly in high-footfall areas where DFI’s retail assets—such as Mannings and Guardian—could serve as anchor tenants.

Meanwhile, Hongkong Caterers’ focus on Genki Sushi, Ippudo, and other casual dining brands suggests a pivot toward experiential retail, a segment that has seen robust growth in urban centers across Southeast Asia. The company’s plans to invest in mainland China—a market where foreign F&B operators face regulatory scrutiny—will be closely watched, as Maxim’s seeks to replicate its success in Hong Kong and Singapore.

The completion of the transaction by Q1 2027 will mark a turning point for both companies, with DFI solidifying its position as a major player in Asia’s café industry while Hongkong Caterers asserts full control over Maxim’s expansion. For regional observers, the deal serves as a case study in how legacy joint ventures are being redefined in an era where brand partnerships and operational autonomy take precedence over shared equity.

As DFI integrates Starbucks into its retail ecosystem, the company will face the challenge of balancing growth with profitability in a sector where margins remain thin. Meanwhile, Maxim’s under Hongkong Caterers’ sole ownership will test whether its diversified model can sustain momentum in an increasingly competitive landscape.

The outcome will not only shape the future of these two firms but also set a precedent for how Asia’s F&B industry navigates the shift from collaboration to consolidation.

Related: DFI Retail Group