• Advend Systems Pte Ltd (Advend) is a leading vending solutions provider in South East Asia
  • With over 39 years of operations, Advend is the largest independent player in Singapore and Malaysia, operating around 6,000 vending machines, including can and bottle machines, hot and cold cup machines, beans-to-cup coffee machines and snack machines
  • Dymon Asia Private Equity (DAPE) held a majority stake in Advend to assist in its expansion and adoption of telemetry and cashless payment technology
  • Other shareholders of Advend include GRN, a Japan-based beverage distributor, and Advend’s key management


  • DC Advisory Singapore (DC) was engaged by the shareholders of Advend to run a competitive auction process
  • Leveraging our global teams and their relationships, DC reached out to over 40 potential investors, of which more than 15 expressed interest in exploring the opportunity


  • Etika Sdn Bhd (Etika), a wholly-owned subsidiary of Japan-based beverage manufacturer Asahi Corporation, emerged as the successful bidder in a highly competitive auction process
  • This acquisition will allow Etika to become the market leader, with more than 10,000 vending machines across Singapore and Malaysia
  • Detailed terms of the transaction were not disclosed

"We are delighted to assist DAPE and GRN in their successful exit from Advend. This transaction further enhances our credentials as sell-side advisors in cross-border transactions across the retail & consumer sectors."

Yong Sin Lin
Managing Director, DC Advisory Singapore