Max's buys Pancake House for P3.49B

For P3.49 billion, the house fried chicken built has completed major home improvement with the addition of a Pancake House wing.

 

The Max's Group said in a disclosure to the Philippine Stock Exchange that it bought 233.16 million shares of Pancake House at P15 per share. 

 

The deal gives Max's 89.95 percent shareholder control of Pancake House and brings together under one corporate roof the over 150 stores of Max's and more than 300 outlets of the various Pancake House brands.

 

"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," Pancake House chairman Robert Trota said.

 

Pancake House's restaurant brands include Yellow Cab, Le Coeur De France, Maple, Dencio's, Kabisera ng Dencio's, Teriyaki Boy, Sizzlin' Pepper Stake, The Chicken Rice Shop and the flagship brand Pancake House. System-wide sales of the company stood at P3.2 billion in the first months of 2013.

 

Max's Group's more than 150 stores are spread all over the Philippines and in key international cities. Krispy Kreme and Jamba Juice are also part of the Max's Group. — ELR, GMA News