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China's Acorn International, Cachet Hotel Group enter agreement

Chinese marketing and branding company Acorn International Inc. and hotel and restaurant operator Cachet Hotel Group Ltd., both part of the Roche Enterprises Ltd. group of companies, have entered into a strategic cooperation framework agreement, according to a Nov. 22 press release from Acorn.

Acorn said the arrangement is part of its strategy to build a stronger relationship with other companies under the Roche Enterprises portfolio.

Under the agreement, Acorn will become Cachet's preferred supplier of resources such as textiles, furniture, fixtures and equipment for establishments and properties managed by the latter.

Acorn added that the agreement provides a credit facility for the company to loan up to $10 million to Cachet at an interest rate of 8% per annum for amounts borrowed in US dollars and 10% for amounts borrowed in Chinese yuan.

Roche Enterprises Ltd. is owned by Robert Roche, the executive chairman of both Acorn and Cachet and the majority shareholder of Cachet.