Dennis Uy gobbles up FamilyMart PH
Davao-based businessman Dennis Uy is making his way into the fast-growing convenience store business with the purchase of the Philippine retailing business of Japan?s FamilyMart.
Uy, through his petroleum distribution arm Phoenix Petroleum Corp., has forged an agreement to acquire 100 percent of Philippine Family Mart CVS Inc., a joint venture between with the Ayala and Tantoco groups and Japanese companies FamilyMart Co. Ltd. and Itochu Corp.
The acquisition of FamilyMart complements Phoenix Petroleum?s retail fuel business with 518 stations all over the country.
?Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to our group as we broaden our products and services and offer greater convenience to our customers,? said Uy, president and CEO of Phoenix Petroleum.
UBS AG Hong Kong branch served as financial adviser to the sellers for this transaction, which is subject to the approval of the Philippine Competition Commission.
FamilyMart, with a network of 67-company owned and franchised stores throughout the Philippines, offers a range of products and services including ready-to-eat or fastfood items, convenience store items, auto-loading, bills payment and ATM services.
?We are proud to have introduced FamilyMart to the Philippines. Filipinos have really embraced the convenience store format and FamilyMart is well positioned as one of the top CVS brands in the country,? SSI president Anthony T. Huang said in a statement.
For his part, Ayala Land SVP Jose Emmanuel H. Jalandoni, said: ?We are delighted that Phoenix Petroleum shares our vision for the continued growth of the FamilyMart brand in the Philippines. We believe that they have a robust platform for taking FamilyMart to the next level and will be excellent stewards of the brand moving forward.?
Five years after launching the operations of FamilyMart in the Philippines, the Ayala-Tantoco group decided to bow out of the business due to the intense competition in the sector.