CEO and co-founder Ana Lorenzana de Ocampo said in an interview this week that ramping up and building scale was becoming “easier” after the entry of private equity firm KV Asia Capital in 2024.
An initial public offering (IPO) is also in the cards but de Ocampo said it would happen after 2026.
“We’re working toward that [but] not this year,” she said. “We just have to be patient about it. We want to be ready”.
Should it decide to list, Wildlfour would be the first major restaurant IPO since the Liu family’s Figaro Culinary Group, which owns the Angel’s Pizza chain.
Deal expert: restaurants are still hot investments
“Wildflour definitely has a promising IPO story. They have a well-positioned brand portfolio, a driven but disciplined expansion strategy, and healthy financials that can support organic and even inorganic growth,” Juan Paolo Colet, China Bank Capital managing director, told InsiderPH.
“They’ve carved a good place in their target market but there is still a lot of room to scale,” he added.
Colet said the restaurant space often sees deals like the Bistro Group sale to Bounty Fresh owner Tennyson Chen for nearly P9 billion.
Does it make sense to go public?
“Perhaps one of the biggest ‘risks’ to their IPO plans is a major player or private equity fund swooping in with a compelling offer to keep the company private,” Colet said.
“So depending on the owners’ priorities and objectives, they would have to weigh whether it makes more sense to go public or do a private market deal,” he explained.
The opportune window to list
Timing is another issue if Wildflour wants to maximize its market price.
“I don’t think equity funding is an issue for them, so they can be patient until we see a stronger stock market and broader economic recovery that can get them a premium valuation,” Colet said.
“But no doubt it’s helpful to get things in order in preparation for an eventual IPO. That includes having the right corporate governance structures and reorienting their management culture and systems towards a public company model,” he added.
Meanwhile, the firm is busy ramping up operations with new branch openings planned in Metro Manila, Luzon and Cebu.
“We have a lot of expansion plans this year,” De Ocampo said. “We’re opening an additional 17-20 branches. Last year we did 12”.
Cebu this year, Mindanao in 2027
The group ended 2025 with an estimated 39 outlets.
She underscored new provincial locations as the business pushes expansion outside Metro Manila. This includes outlets in Baguio, Tanza, and Laguna, as well as Cebu, where it opened two branches each in SM and Ayala malls.
“Mindanao is in the plan but probably for next year,” De Ocampo said.
The Wildflour Hospitality Group, which De Ocampo co-founded with her sister Margarita in 2012, built up homegrown brands including George and Onnie’s, Farmacy, and “on-off” concepts such as Osteria Antica and Kei. It also brought Pink’s Hot Dogs to the country.
Wildlour open to acquisitions
Moving forward, De Ocampo said they might even consider acquiring existing restaurant brands if it makes sense.
“Acquiring is a possibility but it has to be the right one,” she said.
The entry of KV Asia Capital in 2024 proved the right decision, apart from providing capital, then valued at $15 million or P840 million for a roughly 25 percent stake in the firm.
This valued Wildflour at around P3.4 billion two years ago.
“It’s become easier for us. Having this private equity partner allowed us to attract the right talent,” she said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
