FOOD and beverage kiosk operator Fruitas Holdings, Inc. said it had completed the acquisition of Heat Stroke Grill, which has two active outlets in Quezon City.
“Fruitas completed the acquisition of the assets of Heat Stroke Grill, with two outlets located in the Fruitas food parks in Quezon City,” the listed company said in a statement on Monday.
It said it intends to make Heat Stroke Grill an “anchor locator” in the future food parks it will operate. Fruitas declined to provide more details about the acquired group and the value of the deal.
“Currently, we can only disclose limited information and details of the acquisition… Heat Stroke Grill was previously a tenant in our food parks which the Company decided to acquire,” Fruitas told BusinessWorld in an e-mailed reply to questions on Monday.
Fruitas said Heat Stroke Grill is a major addition to its portfolio, complementing Sabroso Lechon and the rice meals concepts.
“Fruitas’ vision is to be ubiquitous in Filipinos’ lives and grilled food is an integral part of Filipinos’ daily diet, as evidenced by the proliferation of grilled food offerings in key commercial establishments. Fruitas estimates that the top three players in this segment have more than 200 branches,” it added.
Fruitas Chief Financial Adviser Calvin F. Chua earlier said the company had set aside about P600 million for its expansion, store improvements and logistics starting this year.
He said the capital expenditure would be supported by “around P820 million” coming from net proceeds of about P1 billion from the initial public offering, and the rest from internally generated cash.
Fruitas is targeting to open 150 to 250 stores starting this year, acquire more food service businesses, introduce new concepts, and diversify its distribution channels. — Arjay L. Balinbin