Fruitas Holdings Inc., a leading food cart operator, diversified into roasted chicken market with the acquisition of a controlling stake in a company that operates popular Filipino brand Mang Bok’s.
Fruitas said in a disclosure to the stock exchange Tuesday its wholly-owned subsidiary Negril Trading Inc. acquired 60-percent stake in Bigboks Enterprises Inc., which will acquire the assets related to the Mang Bok’s business from Boksbro Inc.
The acquisition includes all assets related to Mang Bok’s such as inventories, equipment, intellectual property rights, trademarks, recipes and franchise rights. It also covers supplier and lease agreements, including security deposits at the time of acquisition.
The acquisition will diversify its product offerings under the House of Fruitas brand. The group also aims to leverage its extensive retail network and operational expertise to elevate the Mang Bok’s brand while maintaining the quality and taste.
“Our family continues to grow larger and more fruitful. Bringing Mang Bok’s into the diverse portfolio of House of Fruitas is an exciting opportunity for us. This acquisition perfectly aligns with our commitment to excellence and our customer-centricity approach. We are dedicated to providing delicious and accessible food options that truly resonate with the heart of Filipino culture,” said Fruitas president and chief executive Lester Yu.
Mang Bok’s, which started operations in 2002, is known for its signature roasted chicken and roasted pork belly.
Fruitas said its net income in the first nine months of 2024 rose 35 percent to P95 million from P70 million in the same period last year. Revenues also hit a record P2.121 billion, up by 19 percent from P1.789 billion a year ago.
The company had 851 stores nationwide as of Sept. 30, 2024, including 732 kiosks/carts/in-line stores, 105 community stores and 14 cloud kitchens and restaurants.
