BIZ BUZZ: Still no IPO for Bounty Fresh
The Bounty Group hits a major milestone as it turns 40 this year.
Still, for Bounty Fresh, going public remains off the table, and the poultry integrator would rather focus on steady expansion instead of attempting to become an industry leader.
“We don’t want to grow. We don’t want to, let’s say, dominate the whole industry. We just like to grow with the industry,” Bounty Fresh president and CEO Kenneth Cheng said during the firm’s 40th anniversary celebration in Taguig City.
“Because there is no … you only IPO (initial public offering) if you have big plans that you need a big amount of money to do, right? Our growth is always just measured,” he told reporters.
While there are no immediate plans for a massive expansion, Cheng said the company had lined up strategic moves to sustain its operations.
One example is the acquisition of The Bistro Group by Inoza Business Holdings Inc., a holding company affiliated with Progeny Global Holdings Inc.
Progeny is the operator of the Bounty Fresh brand and limited-service restaurants under brands such as Chooks-to-Go and Uling Roasters.
Cheng said banks have supported this acquisition, adding, “We have take-away but no sit-down. It’s available and we’re happy that we’re able to acquire it.”
Bounty Fresh is also looking at increasing the company’s total number of stores in the coming years. It considers various factors in choosing the location of their future stores, including population and the economic output of a particular area.
“I think there are a lot of municipalities and provinces in Northern Luzon that we’re still looking at. We’re also looking at the Bicol region for expansion,” Bounty Fresh’s restaurant group president James Benedict Carreon said.
To date, Bounty Fresh has more than 1,800 takeout stores nationwide under its brands Chooks-to-Go and Uling Roasters.
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