Food manufacturer Monde Nissin Corporation is acquiring a 15 percent stake in restaurant chains owner Figaro Coffee Group Inc. (FCG) for P820.3 million or P1.00 per share.
In a similar disclosures to the Philippine Stock Exchange, the two firms said the transaction shall consist in the subscription to primary shares of FCG. Proceeds of the subscription shall be used by FCG to finance its expansion plans.
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“We are excited with the opportunity to become shareholders in the Figaro Coffee Group as it provides a greater exposure to the food service sector which we view as a potentially attractive avenue for further growth both here in the Philippines and abroad,” said Monde Nissin Chief Executive Officer Henry Soesanto.
He added that, “We believe our scale may help enhance the procurement capabilities of the Figaro Group which is rapidly growing. We look forward to working with the Figaro Group management team and potential future collaborations that this new relationship may offer.”
FCG Chairman Emeritus Jerry Liu said “We welcome this partnership with Monde Nissin as we believe a combination of their leadership in the food sector, strength in manufacturing and timeless brand equity, combined with our fast-growing store network and brand strength will yield excellent opportunities for Figaro Coffee Group to solidify its position as a very strong and stable F&B company.”
FCG wholly-owns Figaro Coffee Systems, Inc. (FCSI), through which it operates or franchises a network of restaurants.
These include Figaro Coffee, a coffee shop with domestic and international branches; Angel's Pizza, a pizza store chain; Tien Ma's, a Taiwanese cuisine restaurant; The Figaro Group (TFG) Express outlet, a multi-brand kiosk selling the top products of FCSI's other restaurants; and Café Portofino, an outlet which primarily serves beverages and bakery items.