Listed food chain firm Max’s Group Inc. (MGI) is mulling on acquiring and including its US-based franchise holder in the company’s portfolio.
In a disclosure to the Philippine Stock Exchange, the company said its management has recommended to the board of directors to include eMax LLC in its consolidation of assets, which consist of the chains under Max’s Group and the food chains of newly-acquired Pancake House.
eMax LLC is the company’s franchise and intellectual rights holder of Max’s restaurants in North America, which is based in Colorado, USA. eMax LLC is owned by some MGI shareholders.
“Such an acquisition will allow all shareholders of MGI to benefit from the expected growth of the Max’s restaurant business in North America, consistent with the company’s strategy and rationale for the integration,” MGI said.
The company is in the process of reorganization and consolidation of assets with the recent acquisition of the Pancake House Group.
The board is expected to submit its decision on the eMax acquisition in the fourth quarter of the year. eMax is seen to consolidate all revenues of the group in North America. In 2013, eMax’s total sales amounted to $630,782 or approximately P28.23 million.
In December last year, Pancake House Holdings Inc. sold its 89.95-percent stake or a total of 233.16 million shares at Pancake House to the Max’s Group of Companies.
Max’s completed its Pancake House acquisition on February 24 and immediately assumed management and control of Pancake House. The company effectively changed its name to its present one on August 22, also changing trading symbol from PCKH to MAXS.
The company is set to raise P4.6 billion from a follow on offering to fund expansion projects, capital expenditures and debt repayments.
As of end-June, MGI has a total of 498 restaurants in the Philippines and 27 outlets abroad.
Max’s portfolio of restaurants include: Max’s Restaurant, Pancake House, Yellow Cab, Dencio’s, Kabisera ng Dencio’s, Teriyaki Boy, Max’s Corner Bakery, Maple, Sizzlin’ Steak and Le Coeur de France, as well as international brands Krispy Kreme, Jamba Juice and The Chicken Rice Shop.