Balai ni Fruitas Inc., a leading Philippine counter service bakery operator owned by businessman Lester Yu has expanded its portfolio with the acquisition of a cake shop Sugarhouse.
Balai ni Fruitas said Thursday in a disclosure to the stock exchange it signed an agreement to acquire the 40-year-old legacy brand and various assets related to the Sugarhouse. It did not disclose the value of the acquisition.
Sugarhouse, which started in 1983 on Anza Street near Makati Avenue, sells baked goods, cakes and pastries. Over the years, it expanded its menu to include a wide array of breads, pastries, and meals. It has two branches in San Juan and Power Plant Mall in Makati.
Balai ni Fruitas said the acquisition would enable it to expand its product offerings, particularly in the cake category and tap a broader customer base.
It will also allow it to gain additional production capacity to fuel its growth. The deal will have significant synergies with its existing brands.
The acquisition includes assets such as intellectual property, technical know-how, delivery, commissary and store equipment and catering business of Sugarhouse. The acquisition is expected to close on or before May 1, 2024.
“In line with our aim of delivering shareholder value, we are complementing our organic growth with a key acquisition that will allow us to serve more products to more Filipinos,” Fruitas president Lester Yu said.
“We are excited with this new acquisition and believe this will integrate well into our brand line-up. Similar to the past acquisitions of the House of Fruitas, we will invigorate the brand and seek to bring it to new heights,” he said.