Emerging tycoon Dennis Uy acquires Conti's restaurant chain
Published Sep 10, 2018 12:00 am
By James A. Loyola
Udenna Corporation, the investment arm of Davao tycoon Dennis A. Uy, is acquiring majority control of the firm that owns the popular Conti’s chain of restaurants as it continues to gobble up businesses across various sectors.
Dennis Uy
In a statement, Udenna said it has entered into a share purchase agreement to acquire 70 percent of Conti’s Holdings Corporation (CHC), a holding company that owns and operates Conti’s.
Consti’s is a successful restaurant chain specializing in cakes & pastries, pies, chilled takeout and other food items.
Established in 1997, Conti’s has grown into a household name, with 20 stores in strategic locations in Metro Manila serving more than 150 sought-after dishes.
Udenna said this acquisition further pushes its foray into the hospitality and restaurant management and other food retail formats, following its acquisition of Enderun Colleges and Philippine FamilyMart both in 2017.
The Conti’s transaction is expected to be closed within October 2018. Post-transaction, the original owners of CHC will retain a combined 30 percent interest.
“We are very bullish on the Philippine food industry, which has expanded with the growing demand for convenience,” said Uy.
He noted that, “the Philippines food service industry amounts to roughly US$7.2 Billion and over the past decades has had annual growth of 15 percent to 20 percent.”
Uy added that, “we believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism.”
Udenna has significant interests across several sectors including petroleum, transport and shipping, real estate & property development, and hospitality and restaurant management.
“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,” said Uy.
AlphaPrimus Advisors acted as exclusive Financial Adviser to Udenna for this transaction.
Dennis Uy
In a statement, Udenna said it has entered into a share purchase agreement to acquire 70 percent of Conti’s Holdings Corporation (CHC), a holding company that owns and operates Conti’s.
Consti’s is a successful restaurant chain specializing in cakes & pastries, pies, chilled takeout and other food items.
Established in 1997, Conti’s has grown into a household name, with 20 stores in strategic locations in Metro Manila serving more than 150 sought-after dishes.
Udenna said this acquisition further pushes its foray into the hospitality and restaurant management and other food retail formats, following its acquisition of Enderun Colleges and Philippine FamilyMart both in 2017.
The Conti’s transaction is expected to be closed within October 2018. Post-transaction, the original owners of CHC will retain a combined 30 percent interest.
“We are very bullish on the Philippine food industry, which has expanded with the growing demand for convenience,” said Uy.
He noted that, “the Philippines food service industry amounts to roughly US$7.2 Billion and over the past decades has had annual growth of 15 percent to 20 percent.”
Uy added that, “we believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism.”
Udenna has significant interests across several sectors including petroleum, transport and shipping, real estate & property development, and hospitality and restaurant management.
“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,” said Uy.
AlphaPrimus Advisors acted as exclusive Financial Adviser to Udenna for this transaction.