MANILA -- Businessman Dennis Uy's Udenna Corp said Tuesday it acquired all 51 Wendy's restaurants in the Philippines, expanding its food business that includes FamilyMart convenience stores and Conti's Bakeshop.
Udenna did not disclose the value of the transactions, made through its subsidiary, Eight-8-Ate Holdings Inc. Uy's holding firm is now the master franchisee of the American hamburger chain in the country.
"Food is a basic need and Filipinos love to eat. We want to be in industries where there is growth and we will continue to expand our footprint in the restaurant space by offering quality, affordable dining out options,” says Udenna Chairman and CEO, Dennis Uy.
Udenna also owns hospitality school Enderun Colleges. Uy also recently partnered with China Telecom to set up DITO Telecommunity to challenge PLDT Inc and Globe Telecom
"As we embark on our next 50 years, we are focused on accelerating growth across the globe and we are excited to bring Wendy’s to even more valued customers in the Philippines through our partnership with Udenna and Eight-8-Ate,” said Abigail Pringle, President, International and Chief Development Officer at The Wendy's Co.