Billionaire Lucio and Susan Co's Puregold Snaps Up 14 DiviMart Supermarkets

Listed Puregold Price Club Inc. is acquiring 14 branches of supermarket chain DiviMart to add to its existing network of retail formats, the company announced on Wednesday (June 21). The agreement includes leasehold improvements, furniture, fixtures, equipment, and merchandise inventory and will allow Puregold to access to all Divimart supermarket locations and convert them into Puregold stores under a sublease transaction. 

The 14 DiviMart stores are located in Angat, Bulacan; Mapulang Lupa, Pandi, Bulacan; Morong, Bataan; Cabanatuan City, Nueva Ecija; Olongapo City, Zambales; San Isidro, Taytay, Rizal; San Miguel, Pasig City; Manggahan, General Trias, Cavite; Mambog, Bacoor, Cavite; Pulo, Cabuyao, Laguna; Tayuman, Manila; Aliaga, Nueva Ecija; San Juan, Taytay, Rizal; and Pulilan, Bulacan.

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The company said an additional 18 Divimart locations will be evaluated for possible conversion into Puregold stores.

Although the company did not mention how much exactly it is paying for the Divimart stores, it said the amount is below 10 percent of the Corporation’s book value. Both parties are still finalizing the amount as due diligence for the stores is ongoing. 

Founded in 1989 by Harry Uy and Vivian Ong Juanitas, DiviMart is a Filipino supermarket chain that has more than 30 branches nationwide.

In contrast, Puregold, founded in 1998, is one of the country’s largest supermarket chains. As of the end of 2022, the company owned 525 retail stores consisting of 452 stores under the Puregold brand, 22 S&R Membership Shopping Warehouses, and 51 S&R New York Style Pizza quick service restaurants. In addition, it has 30 San Roque Supermarkets, and three Merkado Supermarkets. Its store network is divided into 283 Hypermarkets, 101 Supermarkets, 29 Extras, and 39 Minimarts.

Puregold reported gross revenues of P187.49 billion as of the end of 2022, up 12 percent versus the P167.33 billion it earned the previous year. Net income was also up 13.5 percent, from P8.180 billion in 2021 to P9.287 billion in 2022. 

Forbes named Puregold owner Lucio Co and his wife Susan as two of the richest people in the Philippines, with an estimated net worth of $1.7 billion (about P73 billion). The family also has interests in gaming, hotels, and liquor distribution.