Buyer, South-East Asian retail group Macrovalue, already operates Giant and Cold Storage brands in Malaysia.
DFI Retail Group has announced plans to sell its Singapore food business, which includes the Cold Storage, CS Fresh, Jason’s Deli and Giant brands, to South-East Asian retail group Macrovalue.
Macrovalue, under the leadership of respected entrepreneurs Datuk Andrew Lim and Datuk Gary Yap, is a familiar partner to DFI, having successfully acquired DFI’s Malaysia food business in 2023. DFI said Macrovalue has operated and grown the Giant and Cold Storage brands in Malaysia, making it well-positioned to ensure a seamless transition.
DFI said it will pivot its focus and resources in Singapore towards the Guardian and 7-Eleven businesses to drive further growth, improved customer experience and enhanced returns.
“In today’s environment of rising food costs and inflation, it is essential to leverage scale and operational efficiencies to protect customers from price volatility while maintaining quality and service standard. We firmly believe that Macrovalue is ideally positioned to drive the next phase of growth for the Singapore Food business with its expanded scale and procurement power across both Malaysia and Singapore. They are uniquely equipped to unlock these efficiencies and deliver greater value to customers— achieving outcomes that would have been more challenging to accomplish for retailers with presence only in Singapore,” said Scott Price, group chief executive, DFI Retail Group.
“This transition is expected to benefit customers in Singapore with an enhanced product range, more competitive pricing, and improved service under an owner with the capabilities and commitment to invest in long-term success. Macrovalue is well-placed to build on the strong foundation and customer loyalty that our team members have worked so hard to establish,” Price added.
“At the same time, DFI remains deeply committed to Singapore as a key market in our portfolio. We are sharpening our focus and investment in Guardian and 7-Eleven to deliver even greater value, convenience, and innovation to customers. These businesses hold significant potential for growth, and our dedicated teams in Singapore are working hard to ensure that we continue to meet and exceed the expectations of our customers in the years ahead.”
The initial purchase price for the transaction is SGD125mn (US$93mn), subject to adjustments. The transaction is also subject to customary closing conditions and is expected to complete in the second half of 2025.
