Dennis Uy gobbles up restaurant chain Conti’s
DAVAO-BASED businessman Dennis A. Uy is acquiring a majority stake in the owner and operator of popular restaurant chain Conti’s, as he continues to diversify his investments.
In a statement, Udenna Corp. said it signed a share purchase agreement to buy 70% of Conti’s Holdings Corp. (CHC), the holding company that owns the restaurant and bakery of the same name.
Conti’s, which is known for cakes and pastries, began as a family business in Parañaque in 1997. It currently has 20 branches in Metro Manila.
The acquisition allows Udenna to expand its food industry-related businesses, such as Enderun Colleges, which specializes on hospitality management and culinary arts courses; and Philippine Family Mart, which operates the local franchise of the Japanese convenience store brand.
Udenna did not disclose financial details of the deal, which is expected to be completed next month.
After the transaction, CHC’s original owners will keep a combined 30% interest in the company.
“We are very bullish on the Philippine food industry, which has expanded with the grow- ing demand for convenience. Specifically, the Philippines food service industry amounts to roughly $7.2 billion and over the past decades has had annual growth of 15% to 20%. We believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism,” Mr. Uy, the founder, chairman, and chief executive officer of Udenna, was quoted as saying in the same statement.
Mr. Uy said they will work with the existing management team to bring Conti’s to the “next level.”
Udenna tapped AlphaPrimus Advisors as the financial adviser for the deal.
Udenna is the holding company for Mr. Uy’s businesses, which include petroleum and oil through Phoenix Petroleum Philippines, Inc.; shipping and logistics through Chelsea Logistics Holdings Corp.; real estate through Udenna Development; infrastructure through Udenna Infastructure; and education through Enderun Colleges.
Two of the companies are listed on the stock exchange, Phoenix Petroleum and Chelsea Logistics. —