On Nov. 19, 2024, Fruitas’ subsidiary Negril Trading became a 60-percent shareholder of Bigboks Enterprises Inc., the vehicle for this acquisition.
The deal was previously reported via InsiderPH's Insider Info column.
“This is expected to create synergies across Fruitas brands, enhancing overall customer experience and satisfaction,” Fruitas said in a stock exchange filing.
“The group also aims to leverage its extensive 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,” it added.
Big picture
Fruitas, with over 850 stores nationwide, is known for successfully launching popular food kiosk concepts such as Fruitas Fresh from Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, and Johnn Lemon.
More recently, it ventured into strategic acquisitions to enhance its scale.
The company previously acquired the Ling Nam restaurant brand while subsidiary Balai ni Fruitas purchased the Sugarhouse café chain.
Management’s view
“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,” said Yu, the president and CEO of Fruitas Holdings.
“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.
Strong 9-month results
Fruitas Holdings Inc., which trades under the stock symbol FRUIT, posted record sales of P2.12 billion for the first nine months of 2024, a 19-percent increase from P1.79 billion in 2023.
Net income surged 35 percent to P95 million, up by P25 million from the previous year. The strong performance boosted the net profit margin by 60 basis points to 4.5 percent.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
