Businessman Dennis Uy expands further his food business with the acquisition of the stores and franchise rights of American burger chain Wendy’s in the Philippines.
Uy’s flagship company Udenna Corp., through its food group subsidiary Eight-8-Ate Holdings Inc. bought from Lucio Co., majority owner of Wendy’s in the Philippines and other stakeholders including the Pardos and Progressive Development Corp., all of the 51 stores of the burger chain.
This deal is Udenna’s latest venture in the highly competitive food and restaurant sector following its acquisition of Enderun Colleges, Philippine FamilyMart, and Conti’s Bakeshop and Restaurant.
The agreement was sealed end of September.
Eight-8-Ate also operates and manages Conti’s Bakeshop and Restaurant.
“Food is a basic need and Filipinos love to eat. We want to be in industries where there is growth and we will continue to expand our footprint in the restaurant space by offering quality, affordable dining out options,” said Dennis Uy, Udenna chairman and chief executive officer.
Joey Garcia, Eight-8-Ate’s president and chief executive officer, said the company aims to expand the Wendy’s chain by initially adding 10 to 15 stores a year.
Garcia added the company will focus on Conti’s and Wendy’s for now prior to the plan to listing three years.
He said the strong brand built by Wendy’s in the Philippines offers synergy to Conti’s heritage.
Wendy’s, he added, answers a gap in the highly-competitive burger and chicken market, targeting the premium market.