Officers and employees of The Bistro Group celebrate 30 years in business.
MANILA, Philippines — The Philippine Competition Commission (PCC), the country’s antitrust body, has given agribusiness firm Inoza Business Holdings Inc. the green light to acquire a majority stake in the operator of The Bistro Group.
The PCC said it approved Inoza’s proposed buyout of TBG Food Holdings Inc. since there are no competition concerns. This was so, considering both entities’ limited market shares and the availability of sufficient alternative suppliers.
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“The approval is expected to support continued competition in the food service and agribusiness sectors, while enabling strategic growth for both Inoza and TBG Holdings,” the antitrust body said in a statement on Wednesday.
According to the PCC, they took into consideration the potential impact of the transaction on the nationwide supply of chicken meat, table eggs, pork and beef to the food service industry.
Inoza is a newly established holding company affiliated with Progeny Global Holdings Inc. It has interests in agribusiness, food manufacturing and limited-service restaurants (LSRs).
In the Philippines, Progeny operates the Bounty Fresh brand and LSR chains under brands such as Chooks-to-Go and Uling Roasters.
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TBG Holdings runs full-service restaurants under The Bistro Group, such as Italianni’s, TGI Fridays and Texas Roadhouse. To date, the firm has 28 concept stores and 214 branches nationwide.
Biz Buzz confirmed
Earlier, last June, Inquirer’s Biz Buzz reported that The Bistro Group was in discussion with a potential buyer to expand the business, although “nothing has been finalized” at that time.
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READ: BIZ BUZZ: The Bistro Group in talks with buyer
Previously, listed holding company A. Soriano Corp. had a minority stake in TBG Holdings for P1.61 billion. It sought to expand its investment portfolio “in one of the most attractive and resilient market segments in the Philippines, the consumer sector.”
Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions to ensure transactions do not lead to a substantial lessening of competition in relevant markets.
The PCC is also tasked to evaluate transactions involving foreign entities if such deals meet the notification thresholds under the law.
/rwd
