Shakey's to acquire Peri-Peri Charcoal Chicken

Shakey's Pizza Asia Ventures Inc. inked on Tuesday an agreement to acquire local casual and full-service restaurant brand Peri-Peri Charcoal Chicken.

Under the Asset Purchase Agreement, Shakey's is set to purchase assets and intellectual property relating to the Peri business which includes its brand, trade name, and the various proprietary recipes used by the chain.

While Shakey's did not disclose the transaction cost, the company said it expects the deal to be closed by mid-year.

The acquisition will also involve the ownership and operation of all company-owned Peri-Peri stores, as well as serving as brand-owner and franchisor of franchised stores.

Peri-Peri currently has a store network of 23 units across Metro Manila, with approximately 60 percent franchised and 40 percent company-owned.

"We will maintain the taste and look that made Peri famous, but hope to further elevate the customer experience with Shakey’s trademark 'wow-ing' service and improve the stores’ accessibility via proper site selection and expansion of network,” said Shakey's president and CEO Vicente Gregorio.

"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," added Shakey's chairman Christopher Po.

Shakey's claims to be the country's largest casual dining restaurant with a nationwide store count of 228 as of end 2018, which it expects to increase to 248 this year.

The company also owns the perpetual rights to the Shakey's brand for the Middle East, Asia (excluding Japan and Malaysia), China, Australia, and Oceania.

Shakey's largest shareholders today are the Po Family’s Century Pacific Group (CPG), the parent company of Philippine listed Century Pacific Food (CNPF), and GIC, Singapore’s sovereign wealth fund.

Shares of the company closed Tuesday at P12.14 apiece, up by 4 centavos or 0.33 percent from Monday's close of P12.10 per share. —LDF, GMA News