Anscor sells minority stake in The Bistro Group for P1.9 billion

A. Soriano Corp. (Anscor) has inked a deed of sale to sell its minority stake in TBG Food Holdings Inc., the operator of casual dining chain operator The Bistro Group, to Inoza Business Holdings Inc. for P1.914 billion.

In a regulatory filing, Anscor said the sale covers its entire 22% stake in TBG Food Holdings to gain gross annualized returns over 25% on its investment through a combination of distributions and capital gains.

Inoza is a newly formed holding firm linked with Progeny Global Holdings Inc., which has interests in agribusiness, food manufacturing, and limited-service restaurants. Its brand portfolio includes Bounty Fresh, Chooks-to-Go, and Uling Roasters.

TBG, meanwhile, operates casual restaurants in the Philippines, operating over 200 full-service stores across 23 brands including Italianni's, TGI Friday's, and Texas Roadhouse.

"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 filing read.

The Philippine Competition Commission (PCC) earlier gave its approval for the acquisition, as it found no competition concerns from the transaction. — VDV, GMA Integrated News