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Manila Bulletin devider Business devider The Stock Market devider Bounty Fresh founder buys Anscor's Bistro Group stake for ₱1.9 billion

Bounty Fresh founder buys Anscor's Bistro Group stake for ₱1.9 billion

Published Oct 2, 2025 10:15 am
Tycoon Andres Soriano III’s A. Soriano Corp. (Anscor) has earned ₱300 million in less than a year from the sale of its 22 percent stake in TBG Food Holdings Inc., the owner of The Bistro Group restaurant business, to Bounty Fresh founder Tennyson Chen’s Inoza Business Holdings Inc. for ₱1.91 billion.
In a disclosure to the Philippine Stock Exchange, Anscor stated that it has executed a Deed of Sale with Inoza, covering the sale of its entire minority stake in TBG for ₱1.91 billion in cash.
On Nov. 13, 2024, Anscor signed a Deed of Sale with Navegar I (Singapore) PTE. LTD., acquiring its minority stake in TBG for a total consideration of ₱1.61 billion, which was fully paid in cash.
TBG, also known as The Bistro Group, operates premium and casual dining restaurants in the Philippines. It owns and manages 200 full-service restaurants across 23 brands, including iconic names such as Italianni’s, TGI Friday’s, and Texas Roadhouse, as well as upscale brands Las Flores, Helm, and Morton’s Steakhouse.
Anscor had made this investment to expand its portfolio in the consumer sector, one of the most attractive and resilient market segments in the Philippines.
The firm said the sale to Inoza represents value realization of Anscor’s investment in TBG, as it realized gross annualized returns greater than 25 percent on its investment in TBG, through a combination of distributions and capital gains.
“Anscor extends its best wishes to the Bistro and Inoza teams. We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come, and we look forward to seeing their continued success,” the firm said.
Inoza is an affiliate of the Cheng family’s Progeny Global Holdings Inc., which has interests in agribusiness, food manufacturing, and limited-service restaurants (LSRs). It operates the Bounty Fresh brand and LSR chains under brands including Chooks-to-Go and Uling Roasters.
Last August 2025, the Philippine Competition Commission (PCC) approved Inoza’s acquisition of a majority stake in TBG, as there were no competition concerns.
“The approval is expected to support continued competition in the food service and agribusiness sectors, while enabling strategic growth for both Inoza and TBG Holdings,” the antitrust body said in a statement on Wednesday.
PCC said it took into consideration the potential impact of the transaction on the nationwide supply of chicken meat, table eggs, pork, and beef to the food service industry.

Related Tags

Andres Soriano III A. Soriano Corporation (Anscor). TBG Food Holdings Inc. The Bistro Group Bounty Fresh Tennyson Chen Inoza Business Holdings Inc.
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