Strategic Growth for Thai Enterprises: Lessons from a New Era of Cross-Border M&A

Insights from the Tractus M&A Partners and BRS&S seminar, Bangkok, April 2026

Thai businesses are entering a defining moment. Foreign capital is entering the country in record levels, with US$43 billion recorded in 2025 and no signs of abatement. While the majority of FDI is in greenfield investment, mergers and acquisitions (M&A) activity continues to contribute to FDI with 231 transactions occurring during 2025. Tractus M&A Partners, a leading Asia focused corporate advisory consultancy, discussed how M&A activity is not slowing and that all signs continue to point to multinationals seeking acquisitions across APAC and in Thailand. M&A activity is not just inward, and as Thai companies look to continue to deliver value to shareholders many are looking abroad leading to outbound M&A. The question for founders and boards is no longer whether to consider cross-border M&A, but how to do it well. A recent seminar co-hosted by Tractus M&A Partners and Blumenthal, Richter, Sumet, & Schuler (BRS&S) in Bangkok brought together founders and advisors to share knowledge to prepare companies in their M&A strategy.

The seminar was a platform to share practical experience from founders, senior partners at BRS&S, and senior management at Tractus M&A Partners. In presenting the case of Thai companies considering selling their companies to multinationals, Mr. Thitipat Supphatranon (Tony), founder of THANN, discussed a recent sale of a 51% stake in THANN to Rohto Pharmaceuticals that was led by Tractus and supported by BRS&S.  Over two decades, Tony built THANN into a business with 60 retail and spa locations across 16 countries. THANN’s business and products has attracted buyers over the years and Tony discussed that he had turned down acquisition approaches from large French and Korean groups before choosing Rohto Pharmaceutical of Japan — because of the cultural alignment, the shared growth vision, and the need to have a strong partner that could grow THANN in foreign markets.

Tony’s advice to fellow Thai founders was direct: get your house in order before an offer arrives. Conduct an extensive internal audit and ensure financial information is well maintained, legal and regulatory permits are up to date, and consider corporate structuring early for efficient tax planning. Tractus managed Rohto’s transaction of THANN and led the legal, financial, and tax due diligence as well as negotiations with Tony on share price and offer and long-term strategy planning. Tony remarked that due diligence and strategy planning was not an obstacle to the transaction but allowed for collaborations with Rohto and to foster a partnership before signing the share purchase agreement.

 

For Thai companies looking to acquire abroad, Khun Gun Jirakiertivadhana of Mass Worldwide Logistics shared the recent acquisition of a Vietnamese freight forwarder. The Vietnamese freight forwarder was a long-time partner of Mass Worldwide and when evaluating new business opportunities in Vietnam, forming a JV with the company made perfect sense. In this venture Mass Worldwide acquired a 70% stake in the company, leaving 30% with founders. This is Khun Gun’s preferred business model as it protects the motivation of the target and accelerates post-deal integration.

The cases of Khun Tony and Khun Gun, were supplemented with the expertise of panelists from BRS&S, including Khun Sumet Mingmongkolmitr (BRS&S Senior Partner) and Promboon Sookatup (BRS&S Partner) and Tractus M&A Partners, Dennis Meseroll (Co-Founder and Executive Director) and James Meisenheimer (Thailand Consulting Manager). Tractus M&A Partners discussed that successful acquisitions begin with identifying the right target, and that identifying the right target occurs through an objective process based on factors that are critical to a company’s strategy and culture.  Tractus M&A partners shared that they screened over 500 companies on operational and financial criteria to identify THANN as the optimal target for Rohto. Khun Tony mentioned that early discussions led by Tractus between THANN and Rohto provided him with the confidence to proceed with detailed due diligence, noting that Rohto shared cultural values, an understanding of THANN, and a strategy for growing THANN in a joint venture. BRS&S and Tractus M&A partners also discussed legal and tax due diligence that occurs and efficient structuring to be compliant with laws in regulations in Thailand and Vietnam.

The seminar provided a forum for open discussion to learn from Thai companies that have successfully forged new partnerships through M&A and the advisors that led these strategies through legal advice and consulting. As Thailand’s role in the global economy deepens, cross-border M&A will continue. The experiences shared by THANN, Mass Worldwide Logistics, BRS&S and Tractus M&A Partners underscore a common thread: successful transactions are built long before a term sheet is signed — through disciplined preparation, the right cultural and strategic fit, and trusted advisors who can navigate complex legal, tax, and commercial terrain across jurisdictions.