Central Retail Completes MaxValu Acquisition, Rebrand to Tops
Central Retail completed its acquisition of the 30-store MaxValu supermarket chain and will rebrand all locations under the Tops banner to expand its food retail network nationwide.
Central Retail Corporation (CRC) announced that its wholly-owned subsidiary Central Food Retail Limited (CFR) has completed the acquisition of all common shares in AEON (Thailand) Limited, the operator of the MaxValu supermarket chain with 30 locations nationwide.
CFR will hold 100% of AEON (Thailand) Limited's registered capital of 890 million baht. The acquisition aligns with CRC's strategy to strengthen its food business division by expanding CFR's supermarket network in strategic locations and immediately gaining access to over 900,000 customers.
Beyond the store locations, CFR has acquired ownership of valuable land assets and a ready-to-eat food production center, which will enhance the company's production capabilities and allow for greater product differentiation in its prepared food offerings.
Following completion of the transaction after all conditions precedent are met, CFR will rebrand all 30 stores under the Tops brand and integrate them into CFR's ecosystem. The company plans to leverage its retail expertise to modernize and improve operational efficiency across the newly acquired locations.
