Manila, Philippines – Anticipating continued competition in the food service and agribusiness sectors, the Philippine Competition Commission (PCC) has given its approval to the proposed acquisition of a controlling stake in TBG Food Holdings, Inc. (TBG Holdings) by Inoza Business Holdings, Inc. (Inoza).
Released on August 20, the regulatory body’s review of the transaction focused on its potential impact on the national supply of chicken meat, table eggs, pork, and beef to the food service sector.
The PCC also concluded that there were “no competition concerns,” stating that the “parties’ limited market shares and the availability of sufficient alternative suppliers” ensured a competitive landscape.
It can be remembered that Inoza is a recently established holding company affiliated with Progeny Global Holdings, Inc., an entity with interests in agribusiness, food manufacturing, and limited-service restaurants (LSRs).
In the Philippines, Progeny manages the Bounty Fresh brand, as well as LSR chains including Chooks-to-Go and Uling Roasters.
Conversely, TBG Holdings is a holding company that operates full-service restaurants under The Bistro Group, a portfolio that includes popular brands such as Italianni’s, TGI Fridays, and Texas Roadhouse.
The approval is anticipated to “support continued competition in the food service and agribusiness sectors, while enabling strategic growth for both Inoza and TBG Holdings.”
