Fruitas Holdings Inc., a leading food and beverage kiosk operator, is expanding further its store network with the acquisition of two new brands.
Fruitas said in a disclosure to the stock exchange it acquired 100 percent of the outstanding shares of SoyKingdom Inc., a privately-held company carrying The Tofu Store brand and specializing in soybean-related products.
Fruitas unit, Negril Trading Inc., operator of De Original Jamaican Pattie Shop and Juice Bar, also purchased the assets of Kuxina, a stall concept specializing in serving Filipino dishes
“Our 18th year in the kiosk business is a testament of our ability to innovate and identify suitable additions to our portfolio, unified by our vision to be woven into the fabric of daily lives of Filipinos. We will further strengthen our existing brands and seamlessly integrate our latest acquisitions, broadening our offerings to include both traditional and contemporary Filipino food and drinks,” said Fruitas president and chief executive Lester Yu.
The Tofu Store, with outlets in Little Baguio, San Juan, and Sta. Mesa Heights, Quezon City and offers soy milk, taho, tofu and other soybean-related products, will continue to operate.
The Tofu Store has been serving customers since 2006 and has gained a loyal following among its patrons, which also include restaurants.
Fruitas said the demand for freshly-made and conveniently available soymilk, taho, tofu and other soybean-related products would further increase in the Philippines.
More Filipinos are discovering the versatility of the products as a standalone beverage or snack and key ingredient in everyday meals.
The company will also take over two stores of Kuxina and continue franchise arrangements with eight new stores.
From a single Fruitas stall opened in 2002, the group now has over 1,000 stores across the country and over 20 brands in its portfolio.
It has successfully expanded its product line by introducing new brands like Buko Loco and Johnn Lemon and acquiring the shares or assets of small companies, like De Original Jamaican Pattie and Sabroso Lechon, and making them grow.
Fruitas plans to expand its network to 2,000 stores by 2023.