This is AI generated summarization, which may have errors. For context, always refer to the full article.
‘Our family continues to grow larger and more fruitful. Bringing Mang Bok’s into the diverse portfolio of House of Fruitas is an exciting opportunity for us,’ says Fruitas President and Chief Executive Officer Lester Yu
MANILA, Philippines – It won’t be just fruit shakes, snacks, and pastries for Fruitas Holdings Incorporated. The beloved food and beverage brand is entering the roasted chicken business via Mang Bok’s Lechon Manok.
In a stock exchange disclosure on Tuesday, November 19, Fruitas said its fully-owned subsidiary, Negril Trading Incorporated, bought 60% of Bigboks Enterprises Incorporated — the business name of chicken joint Mang Bok’s. The acquisition includes Mang Bok’s inventories, equipment, trademark, and franchise rights, among others.
Fruitas had denied entering “into any definitive agreements” with Mang Bok’s last October. Fruitas said the deal between Negril Trading and the chicken joint was only finalized on Tuesday.
“Our family continues to grow larger and more fruitful. Bringing Mang Bok’s into the diverse portfolio of House of Fruitas is an exciting opportunity for us. This acquisition perfectly aligns with our commitment to excellence and our customer-centricity approach,” Fruitas Holdings President and Chief Executive Office Lester Yu said in a statement.
Mang Bok’s has been in the roasted chicken business since September 2022. It sells “ulam” (dish) packs of Pork Liempo, Chicken meals as well as rice and isaw, a Filipino street food favorite.
According to its Instagram page, it has multiple franchise stores all over Metro Manila — from Pasig City, Taguig, Parañaque — and provinces such as Cavite, Isabela, Bulacan, and Pampanga. A store franchise costs about P800,000, although they usually offer it at a discount or promo price with the most recent offer at P288,000.
On top of its physical stores, Mang Bok’s is also on online delivery platforms such as GrabFood and FoodPanda.
This is Fruitas’ latest acquisition. The company did not disclose how much it paid to get Mang Bok’s. However, the company’s stock exchange disclosures did note that the transaction was paid in cash and amounted no more than 10% of Fruit’s equity as of end-September, which, based on its latest financial report, stood at P1.7 billion.
“We are dedicated to providing delicious and accessible food options that truly resonate with the heart of Filipinos,” Yu said.
Earlier this year, the company bought Sugarhouse. Meanwhile, its pandemic-buy bakery Balai Pandesal has been growing since it was acquired in 2021 and was considered “pivotal” — along with another acquisition, Ling Nam Food — in boosting the listed company’s revenue performance in the first nine months of 2024.
Fruitas’ diversification plans has been paying off. It logged record sales worth P2.121 billion from January to September 2024, 19% higher than the P1.789 billion in sales from the same period in 2023. The company ended the first nine months of the year with P95 million in consolidated net income.
Fruitas currently has over 20 brands under its belt, including Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, among others, with 851 stores across the country. – Rappler.com
