MANILA, Philippines — Businessman Dennis Uy is acquiring another convenience store chain through Phoenix Petroleum Philippines Inc. to expand the presence of Japanese convenience store chain FamilyMart.
Phoenix Petroleum said its subsidiary Philippine FamilyMart CVS Inc. (PFM) is in the process of acquiring the Circle K network in the Philippines.
“Getting back on its path to growth, FamilyMart is set to complete the asset purchase of the Circle K network in the Philippines,” it said.
Circle K in the Philippines is operated by Super 8 Retail Systems, the consumer retail arm of wholesale distributor Suy Sing Corp.
“The acquisition, which will see the conversion of the former Circle K sites to FamilyMart stores over the coming months, the launch of FamilyMart stores at Phoenix retail stations, as well as greenfield sites, are set to expand FamilyMart’s presence and establish its position as a destination for food for now/food for later,” Phoenix Petroleum said.
In late 2017, Phoenix signed a memorandum of agreement with SIAL CVS Retailers Inc., FamilyMart Co. Ltd. and Itochu Corp. for the acquisition of PFM.
Prior to the buyout, PFM was 60 percent owned by SIAL CVS Retailers, a 50-50 joint venture company between ALI and SSI, 37.6 percent by FamilyMart and Itochu by 2.4 percent.
Phoenix Petroleum acquired the FamilyMart brand to take advantage of the existing retail network expertise, supply chain and support services of the company to further expand its business.
The company said a year after it acquired the business, it increased operational excellence by consistently providing the unique FamilyMart quality experience to its customers.
FamilyMart launched its Generation 2 stores which brought larger kitchens, dining areas, and more expansive food offerings as its major innovations.
As of the end of 2018, FamilyMart branches totaled 71 with kiosks present even in Starlight Ferries, breaking new ground with the world’s first convenience stores inside ships. It contributed P1.31 billion in sales to the oil company.