Balai ni Fruitas Inc., a listed counter service bakery operator, said Thursday it signed a memorandum of agreement to acquire Sugarhouse, a 40-year-old bakery legacy brand.
Sugarhouse started in 1983, offering baked goods and pastries to its customers. Sugarhouse is known for its cake offerings, including its iconic Chocolate Truffle and French Apple Pie. It has also expanded its menu to include a wide array of breads, pastries, and meals.
Balai said the acquisition of Sugarhouse will allow it to expand its product offerings, particularly in the cake category and tap a broader customer base.
The listed company will also gain additional production capacity to fuel its growth and expects significant synergies with its existing brands.Financial details of the planned acquisition weren’t immediately disclosed.
The acquisition includes assets such as intellectual property, technical know-how, delivery, commissary and store equipment. BALAI will also take over the catering business of Sugarhouse. Completion is expected to take place on or before May 1, 2024.
“In line with our aim of delivering shareholder value, we are complementing our organic growth with a key acquisition that will allow us to serve more products to more Filipinos. We are excited with this new acquisition and believe this will integrate well into our brand line-up. Similar to the past acquisitions of the House of Fruitas, we will invigorate the brand and seek to bring it to new heights,” said Lester Yu, Balai president and chief executive officer.
