A. Soriano Corp. (Anscor) is exiting The Bistro Group nearly a year after investing in the operator of full-service restaurants Italianni’s, TGI Fridays and Texas Roadhouse.
Anscor has sold its entire 22 percent stake in TBG Food Holdings Inc. to Inoza Business Holdings Inc. for P1.91 billion.
The listed holding company said the transaction represents value realization of its investment in TBG, getting gross annualized returns greater than 25 percent on its investment through a combination of distributions and capital gains.
Anscor in November last year acquired a minority stake in TBG for P1.61 billion, expanding its portfolio in the consumer sector.
‘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.
TBG, also known as The Bistro Group, is a premium casual restaurant operator in the Philippines, owning and operating over 200 full-service restaurants across 23 brands, including iconic names such as Italianni’s, TGI Friday’s and Texas Roadhouse.
Inoza recently took a majority stake in TBG, securing the Philippine Competition Commission’s approval in August.
Inoza is a newly formed holding company affiliated with Progeny Global Holdings Inc., which is engaged in agribusiness, food manufacturing and limited-service restaurants.
Progeny operates the Bounty Fresh brand, as well as limited service restaurants Chooks-to-Go and Uling Roasters.