One of the leading groups in the food cart industry in the Philippines, Fruitas Holdings Inc., owned by Chinese-Filipino entrepreneur Lester Yu, has expanded its brand portfolio with the acquisition of Ling Nam, a 72-year-old establishment that operates three locations in Manila, Philippines.
Fruitas’ wholly-owned subsidiary Soykingdom bought 100% of LN Banaue Inc. This firm operates Ling Nam restaurants such Peter K. Fung and Wanton Parlor.
Established in the 1950s, Ling Nam has long served authentic Cantonese noodles, congee, and dim sum. Beef Wanton Noodles, along with various other sizzling and mouth-watering dishes, can be found on the menus of restaurants in Manila’s Banawe and T. Alonzo districts in Quezon City.
Yu’s 25+ brand portfolio is one of the assets to be purchased as part of the acquisition. Soykingdom will pay 60% of the acquisition price when the deal closes. The remaining 40% will be paid till March 2023. The acquisition price is less than 10% of Fruitas’ March 31 assets and book value.
Fruitas had 720 stores across the country as of the end of December 2021, according to Bilyonaryo where they provided customers with fresh fruit shakes and juices, lemonade, coolers, milk tea, desserts, meat-filled pastries, soya-based products, baked goods, and lechon.