Done deal: Fruitas acquires 60% of ‘Mang Bok’ roasted chicken retailer
Fruitas Holdings Inc. has debuted into the roasted chicken business with the deal to buy 22-year-old Mang Bok’s Lechon Manok, pushing it closer to its dream of becoming the next food giant.
Through wholly-owned subsidiary Negril Trading Inc., Fruitas acquired 960,000 shares or 60 percent of Bigboks Enterprises Inc. for P8.86 million.
The deal includes intellectual property, all recipes as well as franchise ownership grants and inventories, among others.
Mang Bok’s, which started in 2002, is popular not only for its roasted chicken but roasted pork belly as well.
Fruitas, in a disclosure on Tuesday, said Mang Bok’s brand would benefit from its retail network and operational expertise to “elevate the brand while maintaining the quality and taste of Mang Bok’s that the Filipino consumers have come to love.”
At its peak, Mang Bok’s had operated at least 80 branches, but this dwindled to less than 10 during the pandemic, a source told the Inquirer previously.
Fruitas hopes to get more franchisees to support brand expansion.
“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,” Fruitas Holdings president and CEO Lester Yu said.
“This acquisition perfectly aligns with our commitment to excellence and our customer-centricity approach. We are dedicated to providing delicious and accessible food options that truly resonate with the heart of Filipino culture,” he added.
Other recent acquisitions made by Fruitas included Sugarhouse bakery, noodle house Ling Nam and Fly Kitchen cloud kitchen.
9-mo profit up 35%
In the first three quarters, Fruitas saw its net income rise by 35 percent to P95 million. This was supported by record sales of P2.12 billion, showing 19-percent growth from last year.
Fruitas, as of end-September, had 851 stores nationwide, comprising 732 kiosks, 105 community stores and 14 cloud kitchens and restaurants.
“As we enter the final quarter of 2024, the Fruitas team is excited to further expand our presence nationwide, making our wide range of Fruitas products even more accessible to our customers,” Yu said.
