Vietnamese conglomerate NovaGroup has sold its restaurant and cafe business, Nova F&B, to a Singaporean firm through an arrangement with investment fund VinaCapital. 

Neither the name of the investor nor the value of the deal has been disclosed.

Founded in 2015, Nova F&B operated 46 stores across 18 brands, including franchises for Dynasty House, Sushi Tei, Jumbo Seafood, Crystal Jade Palace, and Gloria Jean’s Coffee, along with local coffee chain PhinDeli and upmarket Saigon rooftop restaurant Shri. 

NovaGroup told local media the Singaporean company will decide which brands it will keep or close.

VinaCapital said the investor has hired In Hospitality, which manages convention and wedding centres such as Gem Center and White Palace, to manage and operate Nova F&B after the acquisition. Nova F&B will also be rebranded as In Dining. 

VinaCapital’s chief investment officer, Andy Ho, said In Dining will target the higher-end segment and expand its scale within the next 24 months. 

According to Vietnam Industry Research and Consultancy, Vietnam’s F&B market value is expected to record an 18 per cent year-on-year growth this year, reaching VND720 trillion (US$30.6 billion). 

Further reading, Jollibee Foods exits Vietnamese restaurant chain Pho24 joint venture.