Petron Corp. has reacquired the Treats convenience store chain from the San Miguel Food Group to enhance synergy with the operation of its service stations.
In a regulatory filing, Petron said it executed an asset and purchase agreement with San Miguel Foods Inc. and Foodcrave Marketing Inc. collectively called the San Miguel Food Group last Feb. 22 to reacquire the Treats convenience store business.
The deal covered the acquisition of fixed assets in the stores, inventory, and intangible assets such as contracts and the Treats trademarks. The transaction, which had an aggregate purchase price of P64 million, was completed on March 1.
“The Treats acquisition will optimize the synergies between the operation of the Petron service stations and the Treats outlets located in the service stations and result in operational efficiencies and savings, unified customer marketing programs, maximized exposure of the Treats brand, and the provision of holistic business consulting to dealers on their businesses within the service station,” Petron said.
Petron said its service stations provide a one-stop service experience to travellers on the road, offering amenities such as Treats convenience stores, restaurants, and specialty shops.
These non-fuel business add-ons help generate non-fuel revenues and improve traffic in the service stations, it said. “To improve traffic in the company’s service stations and increase potential revenues of the company’s non-fuel business, the company established Treats convenience stores and leases space to quick-serve restaurants and other consumer service shops in strategic service stations nationwide,” Petron said.
Petron has a network of approximately 2,435 retail service stations in the country, most of which are in Luzon where demand is heaviest.