Hasfarm Holdings, the parent company of the Dalat Hasfarm fresh flower chain, has announced an agreement to acquire 100% of Lynch Group, a flower company listed on the ASX stock exchange in Australia.
Under the agreement, Lynch shareholders will receive 2,245 AUD per share, less any previously permitted dividends. The total transaction value is estimated at around 270 million AUD, equivalent to nearly 4,531 billion VND. The deal is still awaiting shareholder approval and an independent valuation report confirming it as the most beneficial option for shareholders.
"With this merger, Dalat Hasfarm will become a leading company in Asia and one of the largest fresh flower companies globally, with production in Vietnam, China, and Indonesia, while expanding access to major markets like China, Japan, and Australia," a company representative stated.
Dalat Hasfarm added that it will support Lynch in building its production, distribution, and logistics platforms, particularly in the Chinese market. This will create cost advantages through economies of scale, while providing stability for employees, customers, and suppliers. Dalat Hasfarm's production will ensure a more stable supply for Lynch's customers, especially retailers in Australia.
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Workers at a greenhouse flower farm in Lam Dong. Photo: Dalat Hasfarm |
Workers at a greenhouse flower farm in Lam Dong. Photo: Dalat Hasfarm
Hasfarm Holdings, founded in 1994 by Thomas Hooft (Netherlands) and headquartered in Da Lat (Lam Dong), operates the Dalat Hasfarm chain. Its core business is distributing seedlings, cut flowers, and potted flowers domestically and internationally. The company has a charter capital of over 143.6 billion VND with 100% foreign ownership. Adrianus Anthonius Maria (Netherlands) is the current general director.
The company has affiliated companies in Japan, New Zealand, China, and Indonesia. Hasfarm Holdings reports having over 4,000 employees and nearly 320 hectares of greenhouse flower cultivation. Annually, they grow 200 million flower stems and 250 million seedlings. The chain has 21 stores under its own brand and distributes flowers through supermarket systems like Co.op Mart, Mega Market, Big C, Lotte Mart, and Winmart.
Late last year, Texas Pacific Group (TPG), a US-based private equity firm, invested in Hasfarm Holdings. Under the agreement, Hasfarm Holdings was valued at half a billion USD.
Regarding the Lynch Group acquisition, Joel Thickins, Co-Head of TPG Asia, commented that this is a step aligned with TPG's strategy of building market-leading companies based on regional expertise and scale. Since investing in Hasfarm, TPG has sought merger opportunities like Lynch to contribute to building "a strong fresh flower production platform in a global growth hub."
Tat Dat
