Lotus’s Stores (Malaysia), an indirect subsidiary of Thailand’s CP Axtra Public Co. Ltd., has entered into an agreement to acquire 100% of The Food Purveyor, a Malaysian supermarket operator backed by Navis Capital Partners.
The company operates premium supermarket chains including Village Grocer, B.I.G., BSC Fine Foods, OTK, and The Food Merchant, CP Axtra said in a filing with the Thai exchange.
CP Axtra, which is controlled by by Thai billionaire Dhanin Chearavanont and his family’s Charoen Pokphand (CP) Group, is one of the largest operators of wholesale and supermarket chains in Thailand with household brands like Makro and Lotus’s.
The deal is valued at 1.66 billion ringgit ($382 million) and is expected to close in Q4 2026, subject to regulatory approvals and other conditions.
The Food Purveyor operates 50 stores across Malaysia and will become a wholly owned subsidiary of CP Axtra upon completion. The transaction is part of CP Axtra’s regional expansion strategy to strengthen its retail footprint in Malaysia.
Funding will come from operating cash flow and external financing, with the purchase price based on EV/adjusted EBITDA multiples, the filing said.
The deal came after Navis sold its entire stake in the parent company of Malaysia’s Everrise supermarket to three entities controlled by Southeast Asian superapp Grab last year.
