Wendy’s Philippines and Conti’s Bakeshop, run by Filippino businessman Dennis Uy, have been sold to a local entrepreneur.
Uy has decided to sell his Eight8Ate Holdings company, which operates the two chains, to Crystal Jacinto. The sale comes after the multibillion-peso food retailing business bundle has been on the market for almost two years.
Jacinto, who runs European Wellness Villa Medica Manila – a health and wellness centre specialising in anti-aging and disease management solutions, will take full control of the company, according to the news agency’s sources. She is also reportedly backed by her husband and Malaysian businessman Jaya Sudhir.
Wendy’s, which had 70 stores as of June, and Conti’s, which had 74 stores, were acquired by Uy in 2019, shortly before the pandemic.
Conti’s is considered the more profitable of the two brands, which led to the bundling of Wendy’s in the deal.
The sale also includes the remaining shares of Conti’s founding sisters – Cecille Conti Maranon, Carole Conti Sumulong, and Angela Conti Martinez – who have agreed to sell their residual stake directly to Jacinto, cites the news agency.
Neither Uy nor Jacinto has yet to comment on the transaction at the time of writing.
Apart from Eight8Ate Holdings, Uy is also the founder of Udenna, a conglomerate involved in petroleum, oil and gas, shipping, logistics, real estate, education, and gaming.
