Fruitas Holdings Inc., a leading food and beverage retail operator, has secured a P300 million credit facility from Philtrust Bank to boost its war chest to P1 billion as it actively looks for new partners for mergers and acquisitions (M&As).
In a statement, the firm said it has also renewed or secured new credit facilities from Asia United Bank, Bank of Makati, BDO Unibank Inc., China Banking Corp., Metropolitan Bank and Trust Co., Philippine Bank of Communications, Philippine Business Bank, Philippine National Bank, Rizal Commercial Banking Corp., Robinsons Banking Corp., Security Banking Corp, and Union Bank of the Philippines in the past few months.
“We are ecstatic with the assistance that banks are giving us, particularly with the recent addition of Philtrust,” said Fruitas President and CEO Lester C. Yu.
Fruitas also disclosed to the Philippine Stock Exchange that its Board of Directors has approved the issuance of two billion unlisted preferred shares at P0.01 per share to Lush Properties Inc. (LPI).
Yu and Madelene Sayson, Directors of Fruitas and officers of LPI, did not participate in the voting to approve the issuance of shares.
The P20 million was paid on Sept. 2, 2023. The firm said that, currently, there is no intent for the preferred shares to be listed on the PSE or any other exchange.
The preferred shares have a par value of P0.01 per share entitled to a fixed annual dividend rate of 2.5 percent. The shares are non-participating and non-convertible to common shares, with voting rights.
Meanwhile, Yu said, “our doors are always open to successful business owners who want to see their companies develop rapidly. We are also willing to recharge legacy companies so that the younger generation would be aware of their products.”
Fruitas said its P1 billion in available funds will help it better prepare for M&A opportunities as the look for entrepreneurs looking to accelerate the growth of their businesses.
“House of Fruitas, a well-known name in strategic acquisitions, is offering business owners a unique opportunity to achieve the full potential of their business,” the firm said.
It noted that, “since House of Fruitas is unwaveringly dedicated to fostering success, the organization is actively looking for firms that align with its principles and growth ambitions.”
“Due to its history of successful acquisitions and partnerships that are centered on adding value, House of Fruitas stands out as the ideal venue for small business owners considering the next phase of their business lives,” said Yu.
The House of Fruitas has a reputation for acquiring and expanding brands that fit its ecosystem. De Original Jamaican Pattie, which House of Fruitas has successfully expanded to over 160 stores today, is one of its esteemed acquired brands.
Another well-known brand in the sector is Sabroso Lechon, which delivers whole roasted pigs and is offered in five-star hotels.
One of the most recent acquisitions, Balai Pandesal, has already spread outside Metro Manila and is currently offered in many of the country's main cities.
The legacy brand Ling Nam Noodle Factory and Wanton Parlour has been successfully updated with a more contemporary look while maintaining its rich history.