MANILA, Philippines - The Max’s Restaurant Group has completed the acquisition of casual dining chain Pancake House Inc.
The Max's group said it has completed a tender offer for the publicly held shares in Pancake House, which resulted in the purchase of all 39,976,233 public shares. It also acquired 193,183,967 Pancake House's shares from its former principal shareholders.
The Max's group bought a combined 233,160,200 public and private shares at P15 each, or a total of P3.49 billion. Pancake House remains compliant with the Philippine Stock Exchange's minimum public float requirement after the transaction, and will continue to be listed.
The deal creates a leading casual dining conglomerate, which combines well-loved restaurant brands Max's and Pancake House.
After the acquisition, representatives of the Max's Group took over positions on the Pancake House board and management.
Robert Trota was named Pancake House president and CEO, while Sharon Fuentebella was named chairwoman. They replaced Martin P. Lorenzo, who was chairman, president and CEO.
Trota said the Max's Group is excited at having completed another historic milestone in the Philippines.
"We appreciate everyone's enthusiasm for what we can do to build our casual dining brands together, execute a business strategy that delivers consistently high quality food with exceptional customer service. Together, we look forward to growing our businesses in the Philippines and globally," he said in a statement.
The Pancake House group, founded in 1974, has 105 outlets of its flagship brand Pancake House. The group has nearly 300 outlets of other restaurant brands such as Dencio's, Teriyaki Boy, Sizzlin' Pepper Steak, Le Coeur De France, Maple and Yellow Cab.
Max's group, which started in 1945, now has over 150 stores in the Philippines and overseas. Its founding families are also the same pioneers that brought the popular international brands Krispy Kreme and Jamba Juice to the country.
BPI Capital Corp. acted as the exclusive financial advisor to the Max's Group for the transaction.