MANILA, Philippines — Bakery chain Balai Ni Fruitas Inc. has acquired legacy brand Sugarhouse, allowing the company of businessman Lester Yu to diversify its product offerings to include cakes.
In a stock exchange filing on Thursday, Balai, which operates Balai Pandesal, said the acquisition included other assets, such as intellectual property, “technical know-how,” delivery, commissary, and store equipment.
Balai will likewise take over the 40-year-old brand’s catering business.
READ: BIZ BUZZ: A ‘sweet deal’ for Lester Yu
Sugarhouse, founded in 1983, is known for its cake offerings and other well-loved pastries and desserts.
The acquisition is set to be completed on or before May 1, Balai said.
“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,” Balai president and CEO Lester Yu said in a statement.
Apart from Balai Pandesal, Balai also operates Buko ni Fruitas and Fruitas House of Desserts.