Shakey’s Philippines sold to investment groups
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Philippines conglomerate Century Pacific Group has partnered with Singapore’s sovereign investor GIC to buy the parent of Shakey’s Philippines, the pizza restaurant chain.
The tie-up will acquire majority of of the business from the Prieto family, which will continue to hold a minority stake in International Family Food Services (IFFSI), the owner and operator of the Shakey’s Philippines.
“We are excited about this opportunity to invest in Shakey’s as we are believers in the potential of the continued growth of the Philippine middle class,” Century Pacific president Christopher Po said in a statement.
The transaction also includes the acquisition of Philippine franchise for US artisan pizza Project Pie as well as Bakemasters, one of Shakey’s suppliers of bakery products.
The acquisition of Shakey’s, which had about 170 stores in the Philippines at the end of 2015, is the second partnership between Century Pacific’s controlling Po family and GIC. In May 2014, the Singaporean fund converted a P3.4 billion ($73 million) loan into a 10 per cent stake in Century Pacific Food, the group’s canned goods maker.
Questions & Answers
Q.Which entities are involved in the acquisition of Shakey's Philippines?
Which entities are involved in the acquisition of Shakey's Philippines?
Century Pacific Group, a Philippines conglomerate, has partnered with Singapore's sovereign investor GIC to purchase the business. The previous owner, the Prieto family, will retain a minority stake.
Q.What other businesses are included in this transaction?
What other businesses are included in this transaction?
The acquisition also covers the Philippine franchise for Project Pie, a US artisan pizza brand, and Bakemasters, which supplies bakery products to Shakey's.
Q.What was the scale of Shakey's operations at the end of 2015?
What was the scale of Shakey's operations at the end of 2015?
At the end of 2015, Shakey's had approximately 170 stores operating across the Philippines.
Q.Is this the first time Century Pacific and GIC have partnered?
Is this the first time Century Pacific and GIC have partnered?
No, this is their second collaboration. In May 2014, GIC converted a P3.4 billion loan into a 10 per cent stake in Century Pacific Food.
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