Shakey’s Pizza Asia Ventures Inc. (PSE: PIZZA), one of the country’s leading restaurant operators, finalizes the purchase of Peri-Peri Charcoal Chicken (Peri), an emerging fast casual and full service restaurant brand in the Philippines.
Following an Asset Purchase Agreement signed last April 2019, PIZZA acquired the assets and intellectual property relating to the Peri business, including its brand, trade name, and the various proprietary recipes used by the chain to make its trademark peri-peri chicken.
With the closing of the deal and completion of the acquisition, as of June 1 2019, PIZZA now owns and operates all company-owned Peri stores, and serves as brand-owner and franchisor of those being operated by franchisees.
Currently, Peri has a store network of 23 units in various parts of the Philippines.
Further, PIZZA also signed today a Memorandum of Agreement to purchase, for a nominal amount, the various assets and intellectual property of Project Pie (“Project Pie”), an artisanal pizza brand for a higher end, niche market.
Previously, Project Pie was majority owned by Century Pacific Group, parent company of PIZZA, and GIC, Singapore’s sovereign wealth fund.
PIZZA, the Philippines’ largest casual dining restaurant, has built an established track record of building and operating stores with its nationwide store count of 229 as of end March 2019. It expects to end this year with 248 Shakey’s outlets locally – a total of 20 net new stores for 2019.
In addition, the company currently has three outlets internationally, developing a Middle East presence where strong sales there continue to be supported by a large overseas Filipino base.
PIZZA 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, its total international pipeline is at least 20 outlets over the next few years.