Philippines: Phoenix Petroleum buys FamilyMart chain from Ayala, SSI

Visual from Inside Retail Philippines.

Phoenix Petroleum Philippines Inc is acquiring 100 per cent of Philippine FamilyMart (PFM), which claims to be the third largest convenience store brand in the country.

The company had earlier signed a Memorandum of Understanding (MoU) with SIAL CVS Retailers Inc, and Japan-based FamilyMart Co Ltd, and Itochu Corp. SIAL currently owns 60 per cent of PFM, while FamilyMart and Itochu own 37.6 per cent and 2.4 per cent, respectively.

SIAL is a 50:50 joint venture firm between ALI Capital Corp of Ayala Land Inc, and luxury retailer SSI Group Inc.

The deal will be subject to the approval of the Philippine Competition Commission. Financial details of the deal were not disclosed.

UBS AG Hong Kong Branch acted as financial adviser to the sellers in the transaction.

PFM is the official franchisee of the FamilyMart brand of convenience stores in the Philippines, with a current network of 67 company-owned and franchisee stores all over the country.

Phoenix Petroleum is a local listed oil company with 518 stations nationwide. The deal marks its entry into the fast-growing domestic convenience retail market.

In a statement, the company also said that the potential acquisition of PFM complements its retail fuel business.

“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Phoenix Petroleum president and CEO Dennis Uy.

Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products, including LPG and lubricants, and operation of oil depots and storage facilities.

Also Read:

Philippines: Phoenix Petroleum buys Petronas Energy, Duta for $126m

Philippines: Phoenix Petroleum disposes two companies for $59.7m

Philippines: SSI, RKJ in JV with Japan household goods brand MUJI 

Ayala completes acquisition of GFG’s stake in Zalora Philippines

Philippines: Ayala unit buys Germany’s MT Misslbeck Technologies for $30m

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.