Bounty Fresh owner Tennyson Chen is taking over The Bistro Group in a deal that values one of the country’s largest international-themed restaurant operators in the Philippines at USD 149.34 million, as reported by Insider PH.
Diners may know The Bistro Group through its sprawling network of brands such as TGI Friday’s, Texas Roadhouse, Italianni’s, Fish & Co. and Modern Shang. It also offers more upscale concepts such as Morton’s The Steakhouse and the recently-opened Fogo de Chão.
The Bistro Group operates more than 200 restaurants under 23 brands.
Sale of 22% stake
In a stock exchange filing recently, the Soriano family-led holding firm A Soriano Corp (Anscor) announced the sale of its 22% stake to Tennyson Chen’s Inoza Business Holdings Inc for USD 32.62 million.
The sale of The Bistro Group was announced a few months earlier, but this is the first time figures have been disclosed for the deal.
“The transaction represents value realization by Anscor of its investment in The Bistro Group. Anscor realized gross annualized returns greater than 25% on its investment in The Bistro Group, through a combination of distributions and capital gains,” Anscor said in the filing.
“Anscor extends its best wishes to the Bistro and Inoza teams. We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come, and we look forward to seeing their continued success.”
Recent developments
This comes after the Philippine Competition Commission earlier cleared Inoza’s purchase of the rest of The Bistro Group from private equity firm Navegar last August.
Navegar, which acquired majority of the The Bistro Group in 2014, has been seeking buyers for its shares in recent years, with Chen’s group emerging as the buyer willing to meet its asking price.
Inoza is affiliated with Progeny Global Holdings, the agribusiness group behind Bounty Fresh and LSR brands like Chooks-to-Go and Uling Roasters.
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