BIZ BUZZ: What’s next for Conti’s?
We reported here last year about the multibillion-peso deal hatched by businessman Dennis Uy of Davao to sell Conti’s Bakeshop & Restaurant and Wendy’s Philippines to entrepreneur Crystal Jacinto, who is backed by her Malaysian husband, well-connected businessman Jaya Sudhir.
The buyout of Eight8Ate Holdings Inc., holding firm for the two food retailing brands, has been finalized and a new board of directors constituted. The deal carried a price tag of about P6 billion, Biz Buzz sources estimated, equivalent to several times the annual cash flow.
And it’s not the end of the story. We gather that the new boss (guess who’s the “better half”)—who has done other big-ticket local deals you’ve heard about but preferred to keep a low profile—plans to bring Eight8Ate to the stock market, and
is now working on a listing strategy. Taking the backdoor route looms as a plausible option.
Access to the capital market is seen to fast-track the expansion plan of the group, which, according to the reliable grapevine, is already on the hunt for other brands to gobble up, as well as new investors to draw additional financial muscle from.
New food retailing powerhouse aspirant, here it comes.
