Shakey’s Philippines on track to close acquisition deal for Peri-Peri
Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chained full-service restaurant, said that it is on track to close the acquisition deal for Peri-Peri Charcoal Chicken.
“The deal is on track to close in June, with the fulfillment of conditions precedent customary to this kind of transaction,” Shakey’s said in a statement.
Peri-Peri is an emerging fast casual and full service brand which has demonstrated consistent profitability, brand strength, and robust growth in both system wide sales and store count over the last few years.
It was in April when Shakey’s said it will acquire assets and intellectual property of Peri-Peri under an asset purchase agreement.
This includes ownership and operations of company-owned stores and services for franchised outlets. Right now, Peri-Peri has a total of 23 branches
For 2019, Shakey’s expects to open a total of 20 net new stores in the Philippines to end the year with a nationwide store count of 248.