Singapore investment firm OUE has acquired a majority stake in the parent of Indonesia’s Maxx coffee chain, which also operates in Singapore.

According to the agreement, OUE’s wholly-owned subsidiary Oddish Ventures will buy an 88.43-per-cent stake, worth US$23.1 million from two companies – Inti Anugerah Pratama and Ciptadana Capital – which own 45.64 per cent and 42.79 per cent of the Maxx Coffee Prima’s issued shares respectively.

OUE reported that the acquisition was valued based on various factors, including high barrier of entry into the Indonesia food-and-beverage market, opportunity for additional revenue stream through franchising, and Maxx Coffee’s access to prime retail locations in Indonesia.

With the acquisition, OUE hopes to scale up and optimise its existing food-and-beverage portfolio, the company said in a statement.

Founded in 2015, Maxx Coffee has more than 75 outlets in Indonesia and Singapore.