MANILA, Philippines — Fruitas Holdings Inc. Is venturing into the roasted chicken segment with the acquisition of a majority stake in the owner of the Mang Bok’s brand for P8.86 million.
Fruitas, through subsidiary Negril Trading Inc., acquired 60-percent shareholdings in Bigboks Enterprises Inc., which served as the acquisition vehicle for the assets related to the Mang Bok’s business.
A total of 960,000 shares were acquired at P9.23 per share for a total consideration of P8.86 million.
Fruitas said the acquisition includes all assets, including inventories, equipment and intellectual property rights/trademark such as brand registrations, know-how, recipes for all past and current products and certain products under research and development of Mang Bok’s.
“Our family continues to grow larger and more fruitful. Bringing Mang Bok’s into the diverse portfolio of House of Fruitas is an exciting opportunity for us,” Fruitas president and CEO Lester Yu said.
“This acquisition perfectly aligns with our commitment to excellence and our customer-centricity approach. We are dedicated to providing delicious and accessible food options that truly resonate with the heart of Filipino culture,” he said.
The STAR last month reported on Fruitas’ potential investment in the roasted chicken brand.
The Mang Bok’s food chain was established in September 2002 and has continued to be a popular choice among consumers.
Its stores offer freshly roasted chicken and pork products with a selection of fried items and affordable rice meals to serve a wide range of customers.
The transaction represents the Fruitas Group’s entry into the roasted chicken segment, broadening the product offerings under the House of Fruitas.
The acquisition is expected to create synergies across Fruitas brands, enhancing overall customer experience and satisfaction.
Fruitas also aims to leverage its extensive retail network and operational expertise to elevate the brand while maintaining the quality and taste of Mang Bok’s that the Filipino consumers have come to love.
The acquisition is seen increasing consolidated revenues of the listed company, which operates multi-format food and beverage stores.
As far as its acquisition history is concerned, Fruitas completed the purchase of 73-year-old legacy brand Ling Nam in March last year, marking its entry into the Asian casual dining space.
Fruitas currently operates over 30 brands in its portfolio, with a total of 851 stores nationwide as of end September.
In the nine months ending September, Fruitas saw its net income jump by 35 percent to P95 million during the three quarters from P70 million in the same period in 2023.
The company’s strong profitability was driven by record high sales of P2.12 billion, up by 19 percent from last year’s P1.79 billion.
Same-store sales growth was 10.7 percent higher year-on-year driven primarily by its Fruitas brand, which includes a popular range of fruit-based juices, shakes and other offerings.
Fruitas reported a total of 851 stores nationwide as of end September. Its store network includes 732 kiosks/carts/in-line stores, 105 community stores and 14 cloud kitchens and restaurants.
“Our performance over the past nine months has been outstanding, both in terms of revenue growth and operational efficiency. This success is a direct result of our unwavering commitment to enhancing our product offerings and delivering the highest-quality world-class ‘Made by Filipinos’ products to our valued consumers,” Yu said.