CPF spends $10.4M to seize control of Thai water firm, weeks after Vietnam juice deal
What's the deal? Charoen Pokphand Foods (CPF)Dealroom has a profile for this one. Try Dealroom →, a subsidiary of Thailand's CP GroupDealroom has a profile for this one. Try Dealroom →, is investing 334.7 million baht (about $10.4 million) to acquire a 51% stake in Brew Factory, a Thai producer and distributor of bottled drinking water and mineral water. The move gives CPF control of the business, which will become a subsidiary.
How does it work? The deal, disclosed to the Stock Exchange of Thailand on September 1, runs in two steps. CPF's unit CPF Food and BeverageDealroom has a profile for this one. Try Dealroom → bought 43.6% from existing shareholders for 235.3 million baht, then plans to buy 184,400 newly issued shares for 99.4 million baht within 30 days to reach 51%.
What is Brew Factory? Established in Thailand, it runs a factory in Surin province with capacity of about 295 million litres per year. It operates as an original equipment manufacturer and sells its own Sabai Drinking Water brand.
In the first five months of 2026, the company posted revenue of about 210 million baht and net profit of 15 million baht. Total assets reached 791 million baht at the end of May, against liabilities of roughly 499 million baht and equity of 292 million baht.
Why now? The purchase comes just 18 days after CPF's Vietnam deal. On August 12, CP Vietnam CorporationDealroom has a profile for this one. Try Dealroom → — indirectly wholly owned by CPF — agreed to buy 76.57% of Les Vergers Du Mekong (LVDM)Dealroom has a profile for this one. Try Dealroom → for about VND 235.1 billion, equal to 336 million baht, from the Folliet and Voisin shareholder groups.
LVDM makes premium non-alcoholic beverages and fruit-based food products, and is behind the Le Fruit juice brand plus coffee, tea, purees, and jams. It runs a production facility in Can Tho and will also become a CPF subsidiary.
What's the endgame? The two acquisitions add complementary pieces to CPF's beverage chain. LVDM provides a platform in juice, fruit products, coffee, and tea, while Brew Factory brings large-scale bottled water and mineral water production.
CPF said the Brew Factory investment fits its strategy to expand into bottled water, a sector it considers complementary to its core business with strong growth potential. The transaction equals about 0.06% of the group's consolidated net assets.
The signal: Investing in two businesses in under three weeks shows CPF accelerating into beverages alongside its traditional operations such as animal feed. The company is building control of production capacity across Vietnam and Thailand, rather than simply adding brands to its portfolio.
Read more: vietnam.vn
Image credit: Clay Gilliland
