Biz Buzz: Dennis Uy unloads Conti’s and Wendy’s PH
This multibillion-peso food retailing business bundle has been on the block for at least two years. Finally, de-leveraging businessman Dennis Uy (of Davao) has struck a deal to sell Conti’s Bakeshop & Restaurant and Wendy’s Philippines—and the buyer is not your usual suspect.
Reliable sources told Biz Buzz that Uy’s food holding company, Eight8Ate Holdings Inc., will be handed over on a silver platter to Crystal Jacinto, a 41-year-old local entrepreneur who owns and runs European Wellness Villa Medica Manila, which offers antiaging, aesthetic and disease management solutions. (By the way, it is the official health and wellness partner of Miss Universe Philippines.)
Between the two brands, both of which were acquired by Udenna Corp. in 2019 or shortly before the pandemic, Conti’s is the more profitable venture, which is why this has to be bundled with fast-food chain Wendy’s.
Conti’s has 74 stores and Wendy’s has 70 as of June, based on the website of Eight8Ate.
One may say it’s a deal that catapults Jacinto to the big league. But is it too big for her plate?
Maybe not as Jacinto is backed by Malaysian businessman Jaya Sudhir, who has an interesting background (your googling will show why). He is not just a business ally but literally her partner in life. With extra financial muscle from the Malaysian hubby, Jacinto is bursting onto the restaurant scene with a big bang.
Meanwhile, the three sisters who founded Conti’s, Cecille Conti Maranon, Carole Conti Sumulong and Angela Conti Martinez won’t be left out of the deal. From what we gather, they have likewise agreed to sell their residual stake in the dining chain directly to Jacinto, which means that the new mistress is getting full control.
Industry sources told Biz Buzz that it’s a “done deal” and only the documentation is being finalized.
Uy—who had aggressively expanded his empire during the term of former President Rodrigo Duterte to build a footprint in telecom, education, logistics, food, gaming and real estate—is now rationalizing assets to temper his debt burden. —Doris Dumlao-Abadilla
America’s SunPower turning off PH ops
The sky has suddenly become dimmer for many Filipino solar employees.
After months of uncertainty, SunPower officially decided to switch off its Philippine operations based in Laguna, affecting more than a hundred workers.
A notice—seen by Biz Buzz—was sent to its Filipino employees last Friday, saying the shutdown was due to “serious business losses.”
Termination of job contracts has been set for Oct. 1.
SunPower, a US-based solar company providing solar solutions to businesses and residential customers in America, has been in the red as its sales had suffered due to nagging high inflation and interest rates.
Earlier this month, the company filed for Chapter 11 bankruptcy protection in the United States and is moving forward with its plan to sell its assets to Complete Solaria—another player in the US power sector.
Since talks on this impending shutdown spread among employees last July, SunPower’s local workforce had grappled with anxiety.
But now, despite this unfortunate development, a senior employee told Biz Buzz that the closure notice gave them a sense of peace to move forward and find brighter opportunities. —Lisbet K. Esmael
