CPGI, Singapore’s GIC team up to acquire RP’s Shakey’s

Century Pacific Group Inc. (CPGI) and Singapore’s GIC (GIC) announced recently a partnership to acquire International Family Food Services Inc. (IFFSI), owner and operator of the Shakey’s pizza chain in the Philippines.
Under the deal, a new entity to be owned by CPGI and GIC will acquire majority of the pizza business from the Prieto family, which will continue to hold a minority stake in IFFSI.
The transaction will also include Bakemasters Inc., a supplier of bakery products to Shakey’s and other food service customers, as well as the Philippine franchise for Project Pie, a US artisan pizza restaurant chain.
The purchase puts the new buyers in a strong position to benefit from the country’s fast growing restaurant industry.
“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.” said Christopher Po, president of CPGI.
CPGI, holding company of the Po Family, also owns the exclusive local franchise for Yoshinoya, a renowned Japanese fast food chain introduced in the Philippines in 2001.
“We are big believers in the power of the Shakey’s brand which is one of those iconic names blessed with a strong management team and solid operational track record throughout its more than 40 years history in the country,” Po added.
Shakey’s Pizza was established in 1954 and has been recognized as the first franchise pizza chain in the US. Its signature products include the world famous thin crust pizzas and highly popular Chicken and Mojos.
It has since expanded globally and currently holds market leading positions in the Philippine’s traditional full service pizza chain and family style casual dining categories.
It had close to 170 stores all over the country as of end 2015, including 60 large stand-alone formats with high visibility on major roads.
“I am confident that our selection process for a buyer has resulted in our finding a group that will fit with the company’s business, culture and heritage.
Though the acquisition will result in new owners, the iconic brand, inviting store layouts and trademark customer service will remain intact and continue to be key business priorities moving forward,” said current IFFSI chairman Leo Prieto Jr.
This is the second time the Po family has partnered with GIC, the latter having acquired from CPGI a 10 percent stake in Philippine-listed Century Pacific Food Inc. in May 2014.
The Prieto family was advised by Maybank ATR Kim Eng. Evercore acted as exclusive financial adviser to CPGI.

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