The 42-unit Dean & DeLuca chain is being acquired for $140 million by Pace Development, a Thailand-based real estate developer.
Two commissaries and Dean & DeLuca’s supply network are part of the deal, according to Pace. The buyer said it intends to open hundreds of new Dean & DeLuca food shops in the next two years and expand the brand’s presence to 15 nations.
Currently, 11 Dean & DeLuca units operate in the United States. The remaining 32 are located in Asia and the Middle East.
The Dean & DeLuca concept, a food shop abounding in ready-to-eat sandwiches, salads and baked goods, available for on-premise consumption or takeout, fits Pace’s interest in high-end development, said the buyer’s CEO, Sorapoj Techakraisri.
“We want to capitalize on the global convergence of super-premium mixed-use property development and lifestyle brands,” he said. “The best margins in the business of premium property development of the future is in offering customers a lifestyle—not just bricks and mortar.”
Pace is already working with a number of high-end restaurants, including the highly rated L’Atelier deJoel Robuchon in London.