Viet Thai International regains majority control of Highlands Coffee

Viet Thai International (VTI) has acquired an 11% stake in Highlands Coffee from Jollibee Foods Corp. for approximately $88 million. This transaction increases VTI’s ownership from 40% to 51%, returning majority control of the Vietnamese coffee chain to its local founder, David Thai, after more than a decade of Jollibee’s dominance.

The deal implies a total equity valuation of approximately $800 million for Highlands Coffee. Jollibee will retain a 49% stake and maintain board representation under the existing shareholder agreement. Jollibee stated the sale is part of a portfolio management strategy to optimize ownership as mature businesses gain access to external capital, with proceeds intended for debt reduction and reinvestment in higher-growth platforms.

This ownership shift occurs as Highlands Coffee prepares for a potential initial public offering (IPO) in Vietnam, which is currently targeted for the first quarter of 2027. The coffee chain, founded in 1999, has expanded to over 1,000 locations across Vietnam.