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Friday, March 29, 2024

Phoenix buys PH FamilyMart

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Phoenix Petroleum Philippines Inc., a listed company led by Davao City-based businessman Dennis Uy, is acquiring 100 percent of Philippine FamilyMart, as Uy diversifies into the highly-competitive convenience store industry.

Phoenix Petroleum said in a disclosure to the stock exchange it signed a memorandum of understanding with SIAL CVS Retailers Inc. and its Japanese partners for the planned 100-percent acquisition of PFM. PFM is engaged in operating convenience stores under the trademark “FamilyMart” in the Philippines. 

SIAL CVS, a joint venture of ALI Capital Corp. of Ayala Land Inc. and SSI Group Inc., owns 60 percent of PFM while Japanese companies FamilyMart Co. Ltd. and Itochu own 37.6 percent and 2.4 percent, respectively. 

The sale, which also attracted the interests of several buyers including Filipino-Taiwanese businessman Jerry Liu who owns Figaro Coffee and Angel’s Pizza and businessman Lowell Yu who owns Kuya J Restaurant and Landers membership shopping, will be subject to the approval of the Philippine Competition Commission.

Phoenix Petroleum said the potential acquisition of PFM would complement its retail fuel business, with 518 stations nationwide, and marked its entry into the fast-growing domestic convenience retail market.  The value of the transaction was not disclosed.

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“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Uy, who serves as Phoenix Petroleum president and chief executive.

Uy, who acquired a 28-percent stake in logistics company 2Go Group Inc., has made several deals this year including the acquisition of Enderun Colleges Inc. and the purchase of Petronas Energy Philippines Inc., the local unit of Malaysia’ Petroliam Nasional Berhad which is engaged in the business of selling liquefied petroleum gas.

He also finalized a deal to acquire a 177-hectare logistics hub called Global Gateway Logistics City in Clark City.

Ayala Land and SSI Group teamed up with two Japanese firms in 2012 to bring FamilyMart to the Philippines. 

“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 and chief executive Anthony Huang said.

Jose Emmanuel H. Jalandoni, senior vice resident of Ayala Land 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.”

PFM offers a range of products and services including ready-to-eat or fast food items, convenience store items, auto-loading, bills payment and ATM services.  PFM currently has 67 stores in Luzon. 

UBS AG Hong Kong Branch acted as financial adviser to the sellers in the transaction.

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