Figaro starts asset swap to grow pizza biz

Figaro Culinary Group, Inc. (FCG) is advancing its planned corporate restructuring to streamline and grow its Angel’s Pizza business.

In a stock exchange disclosure on Wednesday, FCG said its operating unit, Figaro Coffee Systems, Inc. (FCSI), has transferred certain Angel’s Pizza assets to a newly created entity, Angels Pizza Inc. (API), in exchange for API's shares. 

The company described the transaction, known as a “swap,” as a step toward consolidating Angel’s Pizza operations under a dedicated entity, allowing for more focused management, operational efficiencies, and growth opportunities. The swap, however, still requires regulatory approvals before it is fully implemented.

“This restructuring allows us to position Angel’s Pizza for long-term expansion while maintaining alignment with Figaro Group’s strategic objectives,” FCG said.

The corporate restructuring was approved by FCG’s board during a special meeting last week. The plan seeks to optimize the company’s food business portfolio, streamline management, and sharpen operational focus across its growing brands.

Financially, Angel’s Pizza continues to be the powerhouse of FCG’s portfolio. 

Despite a nine percent rise in revenue to P1.52 billion in the first nine months of the year, FCGI’s net income dipped two percent to P101.06 million, as costs rose four percent to P809.28 million, according to the company’s report. 

Angel’s Pizza alone contributed 88 percent of total revenue, or P1.33 billion.

Across the country, FCG operates 222 stores under Angel’s Pizza, Figaro Coffee, and Tien Ma’s Taiwanese Cuisine, demonstrating its broad presence in the local food and beverage market.