Announced Merger/Acquisition Transaction – Target: Pancake House, Inc.; Buyer(s): Chicken's R Us Inc, Max's Kitchen Inc., Max’s Bakeshop, Inc, Max’s Express Restaurants Inc, MGOC Holdings, Inc, No Bia, Inc., Room Ventures Corp, Square Top, Inc., The Real American Doughnut Co., Inc., Trota Gimenez Realty Corp.; Seller(s): Abraaj Capital, Aureos Capital Limited; Transaction Size: PHP829.26 mm
January 17, 2014 at 04:00 am
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Max's Kitchen Inc. (controlled by the Fuentebella family); Chickens ‘R Us Inc. (mostly owned by the Trota family); Max's Express Restaurants Inc., Square Top Inc., No Bia Inc., Max's Bakeshop Inc., The Real American Doughnut Co. Inc., Room Ventures Corp., Trota Gimenez Realty Corp. and MGOC Holdings entered into an agreement to acquire 23.25% stake in Pancake House, Inc. (PSE:PCKH) from Aureos South-East Asia Fund, L.P. and Aureos Malaysia Fund, L.P. of Aureos Capital Limited for approximately PHP 830 million in cash on December 20, 2013.
The buyers will acquire 55.284 million shares of Pancake House for PHP 15 per share. In a related transaction, buyers have agreed to acquire 143.56 million shares in Pancake House from Pancake House Holdings, Inc. and will acquire the remaining shares through a tender offer.
Maxâs Group, Inc. is a Philippines-based company, which is primarily engaged in the business of catering food and establishing, operating, and maintaining restaurants, coffee shops, refreshments parlors and cocktail lounges. The Companyâs segment includes food service, commissary, and support services. The food service segment is involved in the operation and preparation of food products to be sold to franchised stores. The commissary segment is involved in the manufacture and wholesale of food products sold to external and related party customers. The support services segment is involved in providing various services mainly to the Company's independent franchisees and related parties. The Company operates under the trade names Maxâs or Maxâs Restaurant, Pancake House, Yellow Cab, Krispy Kreme, Jamba Juice, Maxâs Corner Bakeshop, Dencioâs, Maxâs Kabisera, Teriyaki Boy, Singkit, Sizzlinâ Steak, Le Coeur de France, and Maple.
MAX'S GROUP, INC. 
