MANILA, Philippines -Publicly-listed food exporter AgriNurture Inc. (ANI), through 80 percent-owned unit The Big Chill Inc. (TBC), has acquired Sugarhouse, a high-end cake shop with 14 branches across the country, for an undisclosed price.
ANI president Tony Tiu said The Big Chill signed late Monday, Feb. 13, an agreement to acquire 100 percent of the Sugarhouse from the Salazar family.
Tiu refused to divulge the purchase price due to the confidentiality agreement signed with the owners of the 27-year old cakeshop.
Sugarhouse, known for its quality cakes and pastries, has grown through word of mouth. From its first store in Makati City in 1983, the company has opened three others in 1994 and even built a commissary in Mandaluyong.
With the establishment of Sugarhouse Central, Sugarhouse was able to serve institutional customers such as restaurants and other establishments. It also began to accept more made-to-order cakes for weddings, birthdays and other special occasions.
In 2008, Sugarhouse went into major expansion, opening 11 new stores. Four of these are kiosks offering mainly cakes, pastries, beverages, and a few light meals.
At present, Sugarhouse has a total of 14 branches, including one in Sta. Rosa, Laguna.
Among its best-sellers are the Peach Walnut Pie, Blueberry Cheesecake, Chocolate Truffle, Strawberry Shortcake, Chocolate Mousse, Black Magic and the ever popular French Apple Pie.
ANI recently raised $30.45 million from the sale of 28.11 percent or 124.486 million shares to private equity fund Black River Capital Partners Fund Lp.
The company has recently been on an acquisition binge in the food retail space. Prior to Sugarhouse, it has purchased The Big Chill, which sells fresh and preservative-free fruit juices and shakes under four brands.
TBC operates a total of 40 stores nationwide under the brands Big Chill, Fresh Bar, C’Verde and Canefusion.
ANI intends to bring TBC to the international markets, particularly in China and the US. It aims to put up 1,000 stores overseas in the next five years.
Aside from this, ANI entered into a master license agreement with Tullys Coffee International Pte. Ltd., the franchising subsidiary of Seattle-based Tully’s Coffee, (a leader in specialty coffee and coffee makers in the US).
ANI currently serves the fresh needs of the leading retail and key institutional accounts in the country, and also supplies homegrown fruits such as banana, sweet pineapple and papaya to customers in the Greater China Region, Japan, Korea, and the Middle East, Europe, and North American Regions.
The company also engages in the manufacture and distribution of fruit beverages and puree, dried fruit snacks, processed fruit mix, frozen fruits and vegetables, rice products, tomato paste and fresh flowers.
ANI’s family of brands now includes FCA (Fresh Choice Always) fresh and processed wellness food products, La Natural coconut juice, Nikka mango nectar and tamarind juice, SuperFresh beverage and dessert kiosks.