The Po family continued its acquisition spree, this time buying Peri_Peri Charcoal Chicken from I-Foods Inc.’s Bryan Tiu.
Shakey’s Pizza Asia Ventures Inc., the country’s leading pizza parlor chain, disclosed that it signed a deal to acquire assets and intellectual property of Peri including the brand, trade name , various proprietary recipes, and all-company-owned stores.
The transaction, which is in line with PIZZZA’s goal to become a multi-brand restaurant operator, is expected to close middle of the year, upon fulfillment of certain conditions.
Peri has 23 outlets across Metro Manila, 60 percent of which are franchise and 40 percent are company-owned.
“We are excited by the potential of Peri to scale. We expect it to be an important future growth driver for our fast casual chain restaurant business,” said PIZZA chairman Christopher Po.
Po said the acquisition was “another vote of confidence in the growing middle class in the Philippines.”
“ We will continue to invest in the restaurant space and diversify the business portfolio in the hope of achieving our vision of establishing wow brands B – a handful of industry leading, full service restaurant chains appealing to the Filipinos’ increasing need for affordable yet premium dining out options,” he said.
PIZZA has built an established track record of building and operating stores with its nationwide store count of 228 as of the end of 2018. It expects to close 2019 with 248 Shakey’s stores in the Philippines.
It owns the perpetual rights to the Shakey’s brand for the Middle East, Asia (excluding Japan and Malaysia), China, Australia, and Oceania. With two international area development agreements signed up, the group’s total international pipeline is at least 20 outlets over the next few years.
