Udenna Acquires Conti's Holdings Forays Deeper In Food Service Business

Oct 08, 2018

Udenna Corporation (“Udenna”) has entered into a share purchase agreement to acquire 70% of Conti’s Holdings Corporation (“CHC”), a holding company that owns and operates Conti’s, 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 including best-sellers such as their Mango Bravo, Conti’s Baked Salmon and Chicken Pie.

This acquisition further pushes Udenna’s foray into the hospitality & restaurant management and other food retail formats, following its acquisition of Enderun Colleges (one of the country’s premiere educational institutions focusing on hospitality management and culinary arts) and Philippine FamilyMart (the local franchisee of the popular convenience store brand) both in 2017.

The transaction is expected to be closed within October 2018. Post-transaction, the original owners of CHC will retain a combined 30% interest.

Udenna is the diversified conglomerate founded by businessman Dennis A. Uy. It has significant interests across several sectors including petroleum, transport & shipping, real estate & property development, and hospitality and restaurant management.

“We are very bullish on the Philippine food industry, which has expanded with the growing demand for convenience. Specifically, the Philippines food service industry amounts to roughly US$7.2 Billion and over the past decades has had annual growth of 15% to 20%. We believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism,” according to Mr. Uy.

“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.”

AlphaPrimus Advisors acted as exclusive Financial Adviser to Udenna for this transaction.

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