INOZA BUSINESS HOLDINGS, INC., an affiliate of Progeny Global Holdings that operates the Bounty Fresh brand, has acquired listed holding company A. Soriano Corp.’s (Anscor) minority stake in The Bistro Group (TBG), a casual dining restaurant operator, for P1.91 billion.
“Anscor extends its best wishes to the Bistro and Inoza teams. We are confident they will continue delighting Filipino consumers with their quality dining experiences for many years to come, and we look forward to seeing their continued success,” the company said in a disclosure on Thursday.
The deal follows the Philippine Competition Commission’s approval in August of Inoza’s acquisition of a majority stake in TBG.
Inoza is linked to Progeny Global Holdings, which has interests in agribusiness, food manufacturing, and limited-service restaurants such as Bounty Fresh, Chooks-to-Go, and Uling Roasters.
In November 2024, Anscor acquired its minority stake in TBG Food Holdings, Inc. — the operator of The Bistro Group — from private equity firm Navegar I (Singapore) Pte. Ltd. for P1.61 billion.
TBG is one of the country’s leading premium casual dining operators, managing more than 200 full-service restaurants across 23 brands, including Italianni’s, TGI Friday’s, and Texas Roadhouse.
“The transaction represents value realization by Anscor of its investment in TBG. Anscor realized gross annualized returns greater than 25% on its investment in TBG, through a combination of distributions and capital gains,” the company said.
Anscor’s core holdings include Phelps Dodge Philippines Energy Products Corp., a wire and cable manufacturer, and Seven Seas Resorts & Leisure, Inc., which owns and operates Amanpulo Resort.
It also holds investments in companies involved in aviation, business process outsourcing, and real estate.
On Thursday, Anscor shares fell by 0.13% or two centavos to P15.04 apiece. — Alexandria Grace C. Magno
