Arc 9 Capital, a Southeast Asia-focused private equity firm, is forging ahead with investments in fundamentally solid businesses that are ready for their next growth phase. With a track record of investments and deal execution totaling over 17 billion baht, the firm has currently invested in 10 businesses across Thailand and Southeast Asia.
Under its “9X” vision, Arc 9 Capital aims to elevate the potential and productivity of its portfolio companies over the next nine years. The company plans to combine capital, technology, data, talent, and partner networks to help companies with strong fundamentals grow faster, compete better, and transition from local businesses into regional players.
Private Equity That Offers More Than Capital
Mr. Purat Osathanugrah, Co-Founder and Partner of Arc 9 Capital, stated: “Private Equity is an investment approach that looks at the true potential and actual performance of a business, rather than daily stock price volatility in the market. We invest capital from investors into high-potential unlisted companies and co-create long-term value. Returns can thus stem from business growth, taking companies public through IPOs, or selling to strategic investors.”
“For us, however, Private Equity shouldn’t stop at merely utilizing capital for investment. Our duty is to truly unlock business potential—whether by identifying strategic partners, opening new markets, bringing in the right management teams, shaping strategy, or infusing capital, technology, data, and networks to enable businesses to grow faster and stronger.
9X, therefore, doesn’t just mean increasing company valuation, but is a question we pose: over the next nine years, how can we help businesses operate better, faster, and leapfrog in productivity, with data, AI, technology, talent, and partners serving as accelerators?”
Arc 9 Capital focuses on investing in businesses with strong fundamentals, positive cash flow, and growth potential in industries with long-term growth trends, such as pet healthcare and pet food, consumer goods, agriculture, education, and technology infrastructure, as well as family businesses undergoing transition.
LACO: From a Basic Agricultural Business to a Global Food Company
Many people may not realize that a significant portion of the edamame consumed by consumers around the world is produced in Thailand. One of the world’s major producers is Lanna Agro-Industry Co., Ltd. (LACO), an original equipment manufacturer for leading global brands such as Trader Joe’s, and one of Arc 9 Capital’s key investments.
LACO is an integrated producer and exporter of frozen agricultural products and an OEM for frozen edamame. Arc 9 Capital invested through a co-investment consortium alongside the Development Bank of Japan (DBJ) and LACO’s founding family, reflecting both the ability to connect Thai companies with international institutional partners and an approach of working collaboratively with existing owners to build further on the business. Today, LACO accounts for approximately 11% of global frozen edamame production volume, while revenue is projected to exceed two billion baht in 2026.
However, the next phase of growth is not merely about producing more, but transitioning from a commodity and OEM business into a value-added food enterprise driven by innovation, product development, and branding. LACO is currently developing new products ranging from crispy edamame snacks, chocolate-coated frozen fruits, and ready-to-eat meals, to health-oriented items and high-protein foods for international markets.
Additionally, LACO is leveraging global intellectual property and brands such as Sanrio’s My Melody and Kuromi to create differentiation, elevating frozen fruit and edamame products from basic agricultural goods to brand-value consumer products that connect with younger generations of consumers.
Behind this next growth stage, Mr. Korawee Suphasidh, Investment Director at Arc 9 Capital and a Board Member at LACO, works closely with the executive management team. Arc 9 Capital plays a supportive role in expanding management’s plans—spanning product and brand development, international market expansion and distribution channel growth, as well as establishing an appropriate capital structure to support long-term growth.
In addition, Arc 9 Capital introduces new concepts and opportunities to bolster company growth, such as deploying brand ambassadors to build brand awareness and equity, and exploring direct-to-consumer channels in overseas markets, with the shared goal of leveraging LACO’s manufacturing strengths into a branded, consumer-facing food business.
Mr. Korawee stated: “LACO already possesses a robust production base and world-class expertise. Our role is to collaborate with the management team to support and scale what the company excels at, while introducing new perspectives, networks, and ideas—whether in branding, international markets, or capital structure. The objective is to expand growth options and create value from LACO’s existing strengths. This exemplifies how Arc 9 seeks to partner with portfolio companies: working side-by-side with management teams to uncover new growth opportunities for the future.”
The long-term objective is to transform LACO from a high-quality agricultural producer into a global food company that places data, technology, innovation, and branding at the core of its growth.
Pet Healthcare: Elevating Standards Through Clinical Practice, Data, and AI
Another major investment is Muang Ake Pet Hospital, which has grown into the 2nd largest private pet hospital network in Thailand by medical service revenue. It continues to pursue network expansion opportunities through the merger and acquisition (M&A) of high-potential pet hospitals to broaden access to high-quality pet healthcare services.
Mr. Purat explained the rationale behind the investment: “As marriage and birth rates decline while pet ownership rises, many families today care for pets as their own children, expecting high-quality, attentive, and trustworthy care. We view pet healthcare as a long-term opportunity and a responsibility that we must fulfill to the highest standard.”
Network expansion proceeds hand-in-hand with standardizing treatment protocols across all branches through the development of Clinical Practice Guidelines that systematically consolidate the expertise of specialist veterinarians. Concurrently, a unified data system integrates medical histories, diagnostic results, and medication records to ensure seamless and precise treatment, giving pet owners full confidence that they will receive consistent standards of care regardless of which branch they visit.
Looking ahead, Arc 9 Capital aims to develop AI tools to assist veterinarians with patient data summarization, treatment search, and case monitoring, while clinical decision-making remains squarely with the veterinarians. The goal is not to replace doctors with technology, but to free up time so veterinarians can devote more attention to pets and pet owners—because for pet parents, what matters most is knowing their family members are receiving the best possible care.
SGIS: World-Class Education at More Accessible Price Points
Additionally, Arc 9 Capital has invested in several other businesses across Thailand and in the region, focusing on impact-driven industries that resonate with younger consumers. Among these is Singapore Global International School (SGIS), an international school developed in collaboration with Principals Academy of Singapore—a partner of Singapore’s Ministry of Education.
The institution incorporates the expertise, experience, and educational framework of “Authentic Singapore” into curriculum development and school management in Thailand, aiming to make high-quality international education accessible to families at reasonable and value-driven tuition rates.
SGIS aims to cultivate children as “Happy Achievers”—a concept widely familiar to Thais as “Smart, Good, and Happy”—by combining Asian academic rigor with Western holistic learning and creativity, while honoring Thai roots and values so students grow with confidence both in the classroom and on the global stage.
With tuition starting at approximately 295,000 baht per annum, SGIS has already enrolled over 100 students despite its initial Srinakarin campus having been under construction for only about two months. This reflects strong confidence and demand from parents for balanced educational choices offering international quality and affordability.
Arc 9 Capital and its partners are currently exploring the expansion of SGIS across new campuses in Bangkok and other regions of Thailand, as well as introducing the SGIS educational model to other Southeast Asian countries to broaden access to high-quality education for new generations.
Value Creation Beyond Capital Investment
These investments reflect Arc 9 Capital’s approach of not limiting its role to capital allocation, but focusing on fostering collaboration, building upon international expertise, establishing systems and technology, and connecting portfolio companies to regional and global networks.
In practice, Arc 9 Capital collaborates with portfolio companies across a full spectrum: M&A, international expansion, succession planning, strengthening management and governance, capital market readiness, capital restructuring, building data systems and implementing technology for efficiency gains, developing new products and brands, and facilitating linkages with domestic and international strategic partners—tailoring solutions to suit the specific context and goals of each firm.
Mr. Korawee stated: “For us, value creation doesn’t end on the investment date; it begins there. We work alongside shareholders and management teams to identify where growth can be unlocked—whether through entering new markets, executing M&A, creating new products and brands, or addressing organizational structure and business succession so companies remain strong and equipped for long-term growth.
Many businesses face transition challenges, including succession planning, management team enhancement, building stronger governance, or reformulating growth strategy. The crucial aspect is that we work collaboratively with existing owners and management—not to change everything, but to help build upon what the business already does well to take it further.”
A Team Combining Investment Expertise with Hands-On Entrepreneurial Experience
Mr. Purat remarked: “What sets Arc 9 apart is a team possessing deep experience across private equity, M&A, investment banking, corporate management, and real-world business building. We don’t view companies through financial figures alone, but understand both investor and business-owner perspectives—from identifying growth opportunities and fostering collaboration to tackling complex challenges like business succession, assembling new teams, or preparing organizations for their next stage of growth.
“With both financial and practical operational experience, we recognize that businesses do not grow purely from financial engineering, but rely on people, systems, sound decision-making, and joint execution with existing management and shareholders. We view ourselves as business partners rather than passive equity investors. For us, exceptional private equity isn’t just about selecting good businesses to buy, but making those businesses better after we invest.”
The Next Step: Broadening Access to Investment Opportunities
Looking forward, Arc 9 Capital is exploring potential collaborations with leading Thai institutions, including Asia Plus, to provide broader public investor access to private market investments in the future. Leveraging its extensive network and deep understanding of Southeast Asia, Arc 9 Capital also acts as a local partner for foreign investors seeking entry into the region, bridging capital, expertise, and business opportunities between global investors and regional companies.
Dr. Kris Panijpan, Co-Founder and Managing Partner of Arc 9 Capital and Chief Executive Officer (CEO) of Asia Plus Group Holdings Public Company Limited, noted: “Thai businesses are entering a generational transition from the second to the third and fourth generations, coinciding with the era of AI that promises to transform traditional ways of working.
I believe we are embarking on a decade of profound and exciting change. Arc 9 Capital strives to build capabilities to serve as a key driving force in this era by partnering with Asia Plus, an established institution with deep roots in Thailand, while co-developing AI applications with tech firms domestically and internationally.”
Arc 9 Capital Executive Team
Mr. Purat Osathanugrah – Co-Founder and Partner
A businessman and investor active across multiple industries, shaped by his experience within the Osathanugrah family business. He began his professional career as a strategy consultant at SHM, a management consulting firm in the UK, and previously served as Chairman of Shiseido Thailand.
He currently serves as President of Bangkok University, Founding Chairman of Dib Bangkok, and CEO of Oventure Group (a family wealth and strategic management firm). He holds a certificate in Wealth Management and Banking from the Wealth Management Institute in Singapore and earned a degree in Sound Engineering from Middlesex University, United Kingdom.
Dr. Kris Panijpan – Managing Partner & Co-Founder
Co-founder and core executive at Arc 9 Capital, possessing extensive experience in M&A, investment banking, and Private Equity across Southeast Asia. He previously served as Head of M&A at Siam Commercial Bank and Head of Investment Banking at Nomura.
He holds the CFA charter and earned a Ph.D. from the London School of Economics. Currently, he oversees overall investment strategy, capital allocation, and portfolio management at Arc 9 Capital, while also serving as CEO of Asia Plus Group Holdings Public Company Limited (ASP).
Mr. Korawee Suphasidh – Investment Director
Experienced in finance, investment, and corporate management across Southeast Asia. Currently responsible for investments and portfolio management at Arc 9 Capital, he also serves as a Board Director at Lanna Agro-Industry Co., Ltd. (LACO), collaborating with shareholders and executive teams of portfolio companies to formulate growth strategies, business development, M&A, market expansion, and long-term value creation. He holds a Bachelor’s degree in Finance from the University of British Columbia, Canada.
