Balai ni Fruitas purchases Sugarhouse

Listed counter service bakery operator Balai ni Fruitas Inc. on Thursday announced the acquisition of legacy brand Sugarhouse as the firm seeks to expand its offerings into the cake category.

In a regulatory filing, Balai ni Fruitas said the acquisition — covering Sugarhouse’s intellectual property, technical know-how, delivery, commissary, and store equipment — is set to take place by May 1, 2024. The transaction cost was not disclosed.

Sugarhouse started in 1983 and is known for its cake offerings, including its Chocolate Truffle and French Apple Pie, along with breads, pastries, and meals.

“In line with our aim of delivering shareholder value, we are complementing our organic growth with a key acquisition that will allow us to serve more products to more Filipinos,” Balai president and chief executive officer Lester Yu said.

“We are excited with this new acquisition and believe this will integrate well into our brand line-up. Similar to the past acquisitions of the House of Fruitas, we will invigorate the brand and seek to bring it to new heights,” he added.

Balai ni Fruitas is a majority-owned subsidiary of Fruitas Holdings Inc. It ended 2023 with over 50 stores and three brands in its portfolio: Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts.

Fruitas Holdings Inc., meanwhile, operates brands such as Black Pearl, Buko Loco, Buko ni Fruitas, House of Fruitas, De Original Jamaican Pattie Shop and Juice Bar, Johnn Lemon, Juive Avenue, Sabroso Lechon, Tea Rex, The Mango Farm, Babot’s Farm, and Soy & Bean.

On Tuesday, Fruitas reported a 37% growth in its net income to P113 million, as revenues climbed 37% to P2.469 billion while its gross profit increased by 42% to P1.494 billion. — VBL, GMA Integrated News