Dennis Uy's Phoenix Petroleum inks deal to buy FamilyMart
MANILA, Philippines – Dennis Uy-led Phoenix Petroleum Philippines Incorporated announced a deal to acquire the Philippine unit of convenience store chain FamilyMart from Ayala Land Incorporated and SSI Group Incorporated.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, October 30, Phoenix Petroleum said that "a Memorandum of Understanding was signed on October 30, 2017 between Phoenix Petroleum and SIAL CVS Retailers, Incorporated FamilyMart Company Ltd, and Itochu Corporation, for the planned 100% acquisition of Philippine FamilyMart."
SIAL CVS Retailers, which is a 50-50 joint venture between Ayala Land's ALI Capital Corporation and the SSI Group, holds the local franchise of FamilyMart. SIAL CVS Retailers owns 60% of Philippine FamilyMart, while Japanese companies FamilyMart Company Ltd and Itochu Corporation own 37.6% and 2.4%, respectively.
"The acquisition will be subject to the approval of the Philippine Competition Commission," Phoenix Petroleum added.
The firms involved declined to say how much the deal was worth.
Complementing gas stations
Phoenix Petroleum noted that its potential acquisition of Philippine FamilyMart would complement its retail fuel business.
It currently has 518 gasoline stations nationwide, and an entry into the fast-growing domestic convenience retail market would further boost its business. (READ: How to grow a business, according to Dennis Uy)
Philippine FamilyMart operates convenience stores under the trademark FamilyMart in company-owned and franchise-owned formats in the Philippines. There are currently 67 FamilyMart stores in Luzon.
The stores offer a range of products and services, including ready-to-eat or fast food items, convenience store items, auto-loading, bills payment, and automated teller machine (ATM) services.
"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 Phoenix Petroleum president and chief executive officer Dennis Uy. – Rappler.com
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