Dennis Uy acquires Conti’s restaurant chain
In what could be part of his “corporate shopping spree”, businessman Dennis Uy has acquired the majority of Conti’s Holdings Corp. (CHC), the company that operates the restaurant chain Conti’s.
A Philippine Daily inquirer report showed that the Uy-led Udenna Corp. just signed a share purchase agreement to buy 70 percent of CHC, which specializes in cakes and pastries, pies, chilled takeout and other food items.
Conti’s was established in 1997 and now operates 20 stores in Metro Manila.
“The latest acquisition deepens Udenna’s stake in the hospitality and restaurant management and other food retail formats,” the report said.
Last year, Udenna bought out Enderun Colleges and Philippine FamilyMart, the local franchisee of the popular Japanese convenience store brand.
“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 $7.2 billion and over the past decades has had annual growth of 15 to 20 percent. We believe this transaction brings strong synergies with our existing portfolio, which includes hospitality and tourism,” Uy said in a statement on Monday.