Farm Fresh Wants In On ‘Inside Scoop’, Homegrown Business Makes Malaysians Proud
Homegrown ice-cream brand which started just 10 years ago with just one ‘mom-and-pop’ shop is now worth over RM100 million.
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I scream, you scream, we all scream for ice cream!!
The Inside Scoop brand is making waves on social media today with reports of an acquisition by a leading dairy company.
The brand which started just 10 years ago as a local ‘mom-and-pop’ type shop now has 34 outlets in six states, KL and Putrajaya.
Not only that, the company could be worth well over RM100 million.
As reported by The Edge, dairy products provider Farm Fresh Bhd plans to acquire a 65% stake in the local ice cream chain Inside Scoop for RM83.9 million.
This will be paid via a combination of cash and new shares issued.
Speaking to online news platform BFM News, Farm Fresh managing director Loi Tuan Ee said the valuation takes into account Inside Scoop’s past performance and potential.
The way we look at it, Inside Scoop is a very, very strong homegrown ice cream company. They are equivalent to people like Baskin Robbins or Häagen-Dazs. You are not only buying the business but you are buying a very credible brand.
Not many Malaysians are able to build a company with that kind of premium branding in the ice cream space. It’s all dominated by multinational companiesFarm Fresh managing director Loi Tuan Ee
He also told BFM News, the deal came about amid the company’s plans to expand its product offerings.
Farm Fresh will first acquire a 53% stake from Inside Scoop’s existing shareholders for RM68.4 million.
The company will then acquire another 12% for RM15.5 million.
Inside Scoop started as a dream to make genuinely fresh ice cream for Malaysians.
It is the brainchild of Edmund Tan and his wife, Lim Shiew Li, and was inspired by their love for ice cream and wanting to create happy memories.
They were guided by the philosophy of using high quality ingredients sourced around the world and inspired by their Malaysian taste buds, eating exploration, travels and current trends.
Since its inception in 2013, all of Inside Scoop’s ice creams have been made fresh locally using premium ingredients, while fearlessly challenging Malaysian taste buds.
Netizens received this news with delight and openness, with some even tweeting that they had not known the ice cream chain to be locally made.
Twitter user @apeinhd said Inside Scoop’s success was probably because they catered more towards Malaysian tastebuds rather than foreign tastebuds.
Another user @bawalsakti said,
It’s refreshing to see genuine entrepreneurs in the news for a change.@bawalsakti on Twitter
Twitter user @raccheal also shared the same joy as many other Malaysians.
Inside Scoop being acquired by Farm Fresh? I love seeing a local hero succeed.@raccheal on Twitter
Did you know that Inside Scoop was a Malaysian product? Which flavour is your favourite?
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