SWEET DEAL. Tycoon Dennis Uy takes a slice of Conti's restaurant. Photo of Uy by LeAnne Jazul/Rappler
MANILA, Philippines – Businessman Dennis Uy once again showed he is on a shopping spree for companies, as he closed a deal to acquire popular restaurant chain Conti's.
Uy's Udenna Corporation announced on Monday, September 10, that it has entered into a share purchase agreement to acquire 70% of Conti's Holdings Corporation (CHC), the holding company that owns and operates Conti's.
"We are very bullish on the Philippine food industry, which has expanded with the growing demand for convenience. Specifically, the Philippine food service industry amounts to roughly $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," Uy said.
Established in 1997, Conti's has 20 stores in Metro Manila and is popular for its mango bravo, baked salmon, and chicken pie.
"The transaction is expected to be closed within October 2018. Post-transaction, the original owners of CHC will retain a combined 30% interest," Udenna said in a statement.
The deal further expands Uy's presence in the hospitality and food retail industries.
The Davao businessman's last acquisition was Enderun Colleges in 2017. The school specializes in hospitality management and culinary arts.
He also acquired Philippine FamilyMart in the same year.
There were also rumors of Uy being interested in the country's search for the 3rd telecommunications player.
Uy hails from Davao City and contributed P30 million to President Rodrigo Duterte's campaign for the 2016 elections.
Entrepreneur Philippines estimated Uy and his family's net worth to be in the vicinity of P22 billion, or around $430 million. – Rappler.com