DAVAO-BASED businessman Dennis A. Uy continued to expand his holding company Udenna Corp. as it snapped up all 51 Wendy’s restaurants in the Philippines.
Udenna’s food group subsidiary, Eight-8-Ate Holdings, Inc. is now the master franchisee of Wendy’s in the country.
“Food is a basic need and Filipinos love to eat. We want to be in industries where there is growth and we will continue to expand our footprint in the restaurant space by offering quality, affordable dining out options,” Mr. Uy, chairman and CEO of Udenna, was quoted as saying in a statement.
The Wendy’s deal is part of Udenna’s continued expansion in the food industry, after its acquisition of Philippine FamilyMart and Conti’s Bakeshop.
“The Philippine food service industry is growing at a phenomenal rate. The booming population, strong economic performance, rising incomes, increasing demand for convenience, and cuisine curiosity will continue to drive this growth for years to come. Eight-8-Ate wants to take a sizable bite of the opportunity,” Joey Garcia, Eight-8-Ate president and CEO, said.
Udenna is the holding company for Mr. Uy’s businesses, which include petroleum and oil through Phoenix Petroleum Philippines, Inc.; shipping and logistics through Chelsea Logistics Holdings Corp.; real estate through Udenna Development; infrastructure through Udenna Infrastructure; and education through Enderun Colleges.