Beverage firm Fruitas expands to roasted chicken field

MANILA, Philippines — Beverage company Fruitas Holdings Inc. has officially entered the roasted chicken sector with its acquisition of a stake in the Filipino food chain Mang Bok's.

According to a disclosure released on Tuesday, November 19, Fruitas, through its subsidiary Negril Trading Inc., acquired a 60% stake in Mang Bok's’ Bigboks Enterprises Inc.

Following the acquisition, Fruitas’ subsidiary will subscribe to 960,000 shares of Bigboks for P1 per share, with the initial payment covering 25% of the total subscription cost in cash.

“The acquisition includes all assets, including inventories, equipment, leasehold improvement, transportation equipment, if any, intellectual property rights/trademark (including brand registrations, know-how, recipes for all past and current products and certain products under research and development of Mang Bok's, and process/menu manual), franchise ownership grant/rights, contractual rights to suppliers and lessors including security deposits at the time of acquisition,” Fruitas’ disclosure read. 

This announcement came a day after the beverage firm saw a 35% growth in its consolidated net income for the first nine months of 2024.

Fruitas saw its net income increase to P95 million from P70 million the previous year, driven by a 19% growth in revenues to P2.121 billion from P1.789 billion and a 21% rise in gross profit to P1.273 billion from P1.054 billion.

In a statement, Fruitas’ president and Chief Executive Officer Lester Yu said that the acquisition “perfectly aligns” with the firm’s commitment to “customer-centricity approach.”

“We are dedicated to providing delicious and accessible food options that truly resonate with the heart of Filipino culture,” Yu’s statement read. 

Fruitas operates the brands Fruitas Fresh from Babot’s Farm, Buko Loco, Balai Pandesal, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries and Sabroso Lechon.

In 2022, Fruitas also bought the decades-old Ling Nam restaurant brand.