Pancake House Inc. has acquired 20 subsidiaries of the Max’s Group of Companies (MGOC) in a share-swap deal under a broader plan by the two food groups to consolidate their operations.
A disclosure to the Philippine Stock Exchange said the board of directors of Pancake House has authorized the company’s acquisition of all the issued and outstanding shares of stock of some 20 corporations that form part of MGOC for a combined acquisition price of about P4.054 billion.
“The Max’s Group of Companies and Pancake House Inc. have agreed to integrate via a share-swap that brings together two of the country’s best known dining traditions,” Pancake House said in the disclosure.
Some of the ompanies under Max’s Group that will be acquired by Pancake House are Ad Circles Inc., Alpha Max Group Ltd., Chickens R Us Inc., Fresh Healthy Juice Boosters Inc., Max’s Ermita Inc., Max’s Baclaran Inc., Max’s Bakeshop Inc., Max’s Express Restaurants Inc., The Real American Doughnut Co. Inc., and Trota Giminez Realty Corp.
In February, the Max’s Group completed its acquisition of about 90 percent of Pancake House for P3.5 billion, at P15 per share.
“We spent several months of extensive analysis evaluating the Pancake House business, its brands and potential synergies with MGOC, and concluded with the help of management that the integration of MGOC and Pancake House was in the best interest of Pancake House shareholders,” Robert Trota, president and chief executive officer of Pancake House, said in a statement.
“With this integration, two all-time Filipino iconic restaurant groups and a total of 14 of their brands are combined under one entity,” he added.
After the acquisition, the enlarged food chain includes 14 restaurant brands, namely Max’s Restaurant, Max’s Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Yellow Cab, Le Coeur De France, Dencio’s, Teriyaki Boy, Singkit, Sizzling Pepper Steak, Kabisera, the Chicken Rice shop, and Maple, forming a nationwide network of about 500 outlets and 25 international outlets.