The Filipino food and beverage conglomerate says its $15m investment and food industry leadership will allow the coffee chain and restaurant group to accelerate its expansion plans
Figaro Coffee Group has 160 stores across its portfolio, including over 50 Figaro coffee shops | Photo credit: Figaro Coffee Group
Filipino food and beverage conglomerate Monde Nissin has acquired a 15% stake in Figaro Coffee Group (FCG) for P820.3m ($15m).
In a statement the two companies said the acquisition would enable the coffee chain to pursue expansion plans, which includes doubling its company-owned store count by 2024.
“We are excited with the opportunity to become shareholders in the Figaro Coffee Group as it provides a greater exposure to the food service sector which we view as potentially attractive avenue for further growth both here in the Philippines and abroad. We believe our scale may help enhance the procurement capabilities of the Figaro Group which is rapidly growing," said Henry Soesanto, CEO, Mondo Nissin.
FCG, which became public in 2022, has 160 stores across its portfolio, including more than 50 Figaro coffee shops.
The company also operates and franchises the Angel's Pizza and Tien Ma's restaurant brands, as well its new coffee shop concept Café Portofino, which debuted in January 2023.
“We welcome this partnership with Monde Nissin as we believe a combination of their leadership in the food sector, strength in manufacturing and timeless brand equity, combined with our fast-growing store network and brand strength will yield excellent opportunities for Figaro Coffee Group to solidify its position as a very strong and stable F&B company,” said Jerry Liu, Chairman, Figaro Coffee Group.
In June 2022, FCG announced it would reach 150 stores across its portfolio of brand in the Philippines by the year end, targeting in high-demand locations outside of Manila.
In October 2022, the company said it had doubled profits in its 2022 financial year following an 80% rise in revenues to P2.43bn ($44m).
Monde Nissin, which operates the Lucky Me! instant noodle and meat-substitute brand Quorn brands, reported a net income of P5.6bn ($102m) for the first nine months of 2022, up from P2.3bn ($42.2m) the previous year.
World Coffee Portal research forecasts the Filipino branded coffee shop market, led by Seattle-based Starbucks, reaching 2,060 outlets by 2025.