Uy enters restaurant business

ACQUIRES 70% OF CONTI’S

Davao-based businessman Dennis Uy has acquired Conti’s Holdings Corp. (CHC), the restaurant chain behind the popular Conti’s brand.

The deal marks yet another acquisition by Uy who has been buying a hodgepodge of companies in various industries – from logistics, hotels, schools and convenience stores, among others.

Udenna Corp., his holding company, recently entered into a share purchase agreement to acquire 70 percent of CHC as part of its continued expansion. The transaction is expected to close

next month.

The acquisition of CHC would allow the company to make a deeper foray into the food service business, Uy said.

CHC owns and operates Conti’s, a successful restaurant chain specializing in cakes and pastries, pies, chilled takeout and other food items.

“We are very bullish on the Philippine food industry, which has expanded with the growing demand for convenience. Specifically, the Philippine food service industry amounts to roughly $7.2 billion and over the past decades has had annual growth of 15 percent to 20 percent. We believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism,” Uy said.

He said Udenna is committed to expand Conti’s in the country.

“We are delighted to have been entrusted to grow Conti’s and further cement its reputation as one of the best restaurant chains in the Philippines; and we look forward to working with the existing management team, with the support of its original owners who are retaining a strategic stake, to bring Conti’s to the next level,” he said.

CHC was established in 1997 and has grown into an established brand with 20 stores in strategic locations in Metro Manila serving more than 150 dishes including best-sellers such as their Mango Bravo, Conti’s Baked Salmon and Chicken Pie.

This acquisition expands Udenna’s presence in the hospitality and restaurant management business as well as other food retail formats.

In 2017, Udenna acquired Enderun Colleges, an educational institution focusing on hospitality management and culinary arts and Philippine FamilyMart, the local franchisee of the popular convenience store brand.

Post-transaction, the original owners of CHC, the Conti family, will retain a combined 30 percent interest.

The company tapped AlphaPrimus Advisors acted as exclusive financial adviser for the transaction.

Udenna’s businesses are in petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics; real estate through Udenna Development; education through Enderun Colleges; and infrastructure through Udenna Infrastructure, among others.