MANILA, Philippines — Davao-based businessman Dennis Uy is looking to acquire the Philippine franchise of American fastfood burger giant Wendy’s, a move that is seen to further expand his fast growing empire, industry sources told The STAR.
A source from Uy’s camp said the group was looking at it but nothing has been finalized yet.
“It’s a strong brand. The group can grow it and scale up its operations,” said the source.
Billionaire Lucio Co, the man behind Puregold Price Club, is the majority owner of Wendy’s Philippines after acquiring a significant stake from the Pardo family.
The source from Uy’s camp said Wendy’s has strong potential to grow further, similar to Conti’s.
Another industry source said Uy’s group could leverage on Wendy’s cashflow.
A source from Co’s camp, meanwhile, neither confirmed nor denied talks of a possible sale but said it would all depend on the price.
A sale may happen if the price is attractive enough, just like in the case of Liquigaz Philippines Corp. which Co sold last year.
Co, through Canaria Holdings Corp., sold all his shares in Liquigaz and Calor Phils. Holdings Inc. to Fernwood Holdings. The deal was approved by the Philippine Competition Commission.
Wendy’s has been in the Philippines for more than 30 years and remains a valuable presence in the fast-food business. It is well known for its famous signature burger, Bacon Mushroom Melt.
If the deal pushes through, it would mark yet another acquisition by Uy who has been growing his conglomerate by expanding in various industries – from logistics, hotels, schools and convenience stores, among others.
Last year, Udenna acquired 70 percent of Conti’s Holdings Corp., the restaurant chain behind the popular Conti’s brand.
Udenna has a diversified portfolio of businesses including petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics; real estate through Udenna Development; education through Enderun Colleges; and infrastructure through Udenna Infrastructure, among others.
Uy, a businessman from Davao, is a known ally and supporter of President Duterte even when the president was still mayor of Davao City.