Dennis Uy seals acquisition of PH FamilyMart
Davao-based businessman Dennis Uy has completed his purchase of the Philippine operations of Japanese convenience store chain FamilyMart.
Uy’s Phoenix Petroleum Philippines acquired 100 percent of Philippine Family Mart (PFM) from Ayala Land, upscale retailer SSI Group, Japan’s FamilyMart Co. Ltd. and Itochu Corp.
PFM claims to be the third largest convenience store brand in the country with a total network of 67 company-owned and franchised stores.
The transaction was approved by the Philippine Competition Commission last Jan. 3.
The previous owners of PFM orginally planned to build a store network of 500 this year. Stiff competition from industry giants 7-Eleven and Ministop, however, made PFM rethink its strategy.