Chris Po adds Peri-Peri Charcoal Chicken chain to Shakey’s empire
Shakey’s Pizza Asia Ventures Inc., one of the country’s leading restaurant operators, has announced the acquisition of Peri-Peri Charcoal Chicken, an emerging fast casual and full-service restaurant brand in the Philippines.
Under the Asset Purchase Agreement signed Tuesday, Shakey’s will purchase 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.
The deal is expected to close mid-year, upon fulfillment of conditions customary to this kind of transaction.
The acquisition by Shakey’s will also involve owning and operating all company-owned stores, as well as serving as brand-owner and franchisor of stores being operated by franchisees.
Shakey’s Chairman Christopher Po said: “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.”
“This Peri acquisition is another vote of confidence in the growing middle class in the Philippines,” he added.
Currently, Peri has 23 branches in various parts of Metro Manila, about 60 percent of which are franchised while 40 percent are company-owned.