MANILA, Philippines - Max’s Group Inc., the combined entity of Pancake House Inc. and the Max’s Group of Companies, is acquiring a Singapore-based management consultancy services firm for $1.006 million or about P45 million to beef up its local and international operations.
The country’s largest chain of full service restaurants yesterday told the local bourse that its board has approved the acquisition Global Max Services Pte. Ltd., a company registered in Singapore and engaged in the business of management consultancy services.
“This transaction will allow the company to consolidate support services for both local and international operations, translating to cost efficiencies and operational synergies,” the Max’s Group said.
Max’s Group said Global Max Services would be purchased by way of installment, in which 50 percent of the total acquisition amount would be paid upon signing of the agreement, while two tranches of 25 percent each would be paid by June and December this year.
The country’s leading casual dining chain said the acquisition of Global Max Services is consistent with the company’s strategy to integrate entities which form part of the former Max’s Group of Companies.
Aside from the inclusion of Global Max Services, Max’s Group yesterday also reported that its board has approved the acquisition of eMax’s, LLC, the franchise holder of Max’s restaurant in North America, as part of its growing integrated portfolio.
eMax, an entity registered in Colorado, USA and primarily engaged in the granting of franchises for the development and operation of restaurants under the Max’s brand name within the North American territory, holds the franchise and intellectual property rights for Max’s restaurants for the region.
Max’s Group, to date, operates local brands such Max’s Restaurant, Pancake House, Yellow Cab, Dencio’s, Kabisera ng Dencio’s, Teriyaki Boy, Max’s Corner Bakery, Maple, Sizzlin’ Steak and Le Coeur de France as well as international food brands such as Krispy Kreme and Jamba Juice.
The company was able to complete the acquisition of the Pancake House Group last year, merging the two groups via a share-swap deal that resulted in the creation of a giant in the country’s casual dining segment.