Po family-led Shakey’s Pizza Asia Ventures Inc. has completed its acquisition of homegrown restaurant brand Peri-Peri Charcoal Chicken, diversifying its portfolio beyond its pizza chain bailiwick.
The company also signed a memorandum of agreement to buy, for a nominal amount, the various assets and intellectual property of Project Pie, an artisanal pizza brand for a higher end market.
Previously, Project Pie was majority owned by Century Pacific Group, the parent company of Shakey’s, and GIC, Singapore’s sovereign wealth fund.
During its stockholders’ meeting last year, Shakey’s amended its charter to allow the acquisition of other dining outlets beyond flagship pizza parlor chain Shakey’s. While the company can grow organically with just the Shakey’s brand, adding 18 to 20 new stores every year, the acquisition of other brands will allow it to grab a bigger slice of the local food retailing business.
Following an asset-purchase agreement signed in April, Shakey’s acquired the assets and intellectual property relating to the Peri business.
The purchase included the brand, trade name and the various proprietary recipes used by the chain to make the trademark “peri-peri” chicken.
As of June 1, Shakey’s 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. —DORIS DUMLAO-ABADILLA