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MANILA, Philippines – Udenna Corporation, the holding company of businessman Dennis Uy, fully acquired Enderun Colleges Incorporated for an undisclosed price – a move seen to support its aggressive expansion in various industries.
Udenna said in a statement on Wednesday, July 5, that it closed the transaction to purchase Enderun, a private education institution in the Philippines founded in 2005 by Jack Tuason, Javier Infante, and John Suits.
Among Enderun's financiers were businessman Simon Bakker and A. Soriano Corporation, according to the school's official website. Mang Inasal founder and DoubleDragon Properties co-founder Edgar "Injap" Sia II is also part of the school's advisory board.
"Our acquisition of Enderun Colleges comes at an opportune time," Uy said. "It supports our aggressive expansion in industries vital to the Philippine economy's further growth."
Prior to acquiring Enderun Colleges, Udenna invested in a maritime training school to support its shipping and logistics businesses. Its recent investments in the hospitality sector make Enderun an integral part of its growth strategy.
Udenna has diverse business interests in oil and gas through Phoenix Petroleum Philippines Incorporated; shipping and logistics through Chelsea Logistics Holdings Corporation; and real estate through Udenna Development Corporation, among others.
Uy also plans to build a $300-million integrated resort and casino on the Punto Engaño peninsula on Mactan Island, Lapu-Lapu City.
Udenna in May signed a provisional license agreement with the Philippine Amusement and Gaming Corporation (Pagcor) for what could become the country's first integrated resort and casino outside Metro Manila.
"In 10 years, Enderun Colleges has established itself as a premier management school, anchored on holistic leadership development, global orientation and career-focused academic programs while providing its students a vibrant college life," Enderun president Edgardo Rodriguez said.
"Enderun Colleges has built an impeccable reputation and has surpassed all its quality goals, but the time has come to explore new growth opportunities, which the new ownership may be able to accelerate," Rodriguez added.
Udenna said it will retain the corporate management and school administration of Enderun Colleges. The Uy-led conglomerate also said it will work closely with the college's founders to ensure a smooth and efficient transfer of ownership.
"We are committed to the mission of Enderun Colleges to equip students with the academic training, professional competencies, and character necessary for success in the global workplace," Uy said.
With its main campus located on a 1.8-hectare property in Fort Bonifacio, the Enderun campus now houses 6 buildings and can accommodate an additional 8,200 square meters of classroom space.
The school's academic programs initially focused on hospitality management and culinary arts. In 2009, it expanded its course offerings to include business administration, entrepreneurship, and economics.
Aside from offering degree and certificate programs, Enderun Colleges operates food and beverage outlets within and outside its campus. It also provides management services and marketing solutions to the hospitality sector.
Evercore, a premier independent investment banking advisory firm, acted as sole financial adviser to Enderun Colleges for the transaction.
Uy was among the major campaign contributors of President Rodrigo Duterte. Since the start of the Duterte administration, Uy's holding company has been expanding aggressively in various industries – from logistics to education. (READ: Who's who in Duterte's poll contributors list) – Rappler.com