Metro Pacific takes a bite of Wendy’s and Conti’s

P1.2 billion deal beefs up group’s agribusiness portfolio

MANILA, Philippines — Metro Pacific Investments Corp. of tycoon Manuel V. Pangilinan has taken a bite of the holding company behind Wendy’s Philippines and Conti’s Bakeshop and Restaurant – a move expected to strengthen MPIC’s agribusiness portfolio.

The STAR has learned that Metro Pacific Agro Ventures Inc. (MPAV) has executed share purchase and subscription agreements for a 15-percent stake in Eight8Ate Holdings Inc. for about P1.2 billion.

The deal was signed late last month.

A food and restaurant operator, Eight8Ate Holdings owns premium casual dining restaurant Conti’s and fast-food chain Wendy’s in the Philippines.

It is also the company behind MASUMA Food Industry Inc., Good Mood Food and Better Coffee.

It was previously reported that Davao-based businessman Dennis Uy had sold Eight8Ate to Crystal Jacinto of EW Villa Medica Manila, becoming the group’s new owner.

MPAV’s investment in Eight8Ate is expected to further boost the group’s growing portfolio of agribusiness investments.

In 2022, MPIC entered the agribusiness sector by partnering with the Carmen’s Best Group.

It was followed by another agri venture in 2023 with the acquisition of 34.76 percent ownership in Axelum Resources Corp., a manufacturer and exporter globally of high-quality coconut products.

MPAV announced agreements to acquire 100 percent of Universal Harvester Dairy Farms Inc. last year to continue its mission to provide fresh and high-quality dairy products for the Filipino people.

Last month, MPAV, a wholly owned subsidiary of MPIC, completed its acquisition of the Franklin Baker Group of Companies, a transaction which marked a significant expansion of the company’s agribusiness platform.

Franklin Baker is one of the Philippines’ most established coconut processors, with manufacturing facilities in Laguna and Davao.

Aside from these investments, MPAV’s growing platform includes fruit/vegetable production through Metro Pacific Fresh

Farms, the country’s largest climate-controlled greenhouse facility.

MPAV’s model combines infrastructure, capital, technology and market access to unlock long-term value across the agricultural supply chain.

Through its investments, MPAV aims to reduce reliance on imported food, improve farmer incomes and promote sustainable agricultural practices.

On its end, MPIC, one of the country’s leading conglomerates, plans to continue building on its current growth momentum as well as sharpen its focus on long-term value creation by increasing investments in energy, food security and inclusive infrastructure.