Tasty deal: Shakey's to buy Peri-Peri Charcoal Chicken
In a regulatory filing before the Philippine Stock Exchange on Tuesday, April 2, Shakey's said it will purchase the assets and intellectual properties relating to Peri-Peri, including its brand, trade name, and recipes used by the chain to make its trademark peri-peri chicken.
The acquisition will also involve Shakey's owning and operating all company-owned stores, as well as serving as brand owner and franchisor of stores being operated by franchisees.
The term "peri-peri" was derived from an African bird's eye chili called "piri-piri," which releases a "fiery spice" and creates the distinct taste of Peri-Peri's products.
"Peri's founder has done a great job bringing this creative concept to life – blending in a local Philippine twist with piri-piri's Portuguese origins. The brand now has a strong following and recently gained even more traction – evident in its strong same store sales growth last year amidst the more challenging macro environment, and the amount of interest in new stores from potential lessors and franchisees," said Shakey's president and chief executive officer Vicente Gregorio.
Peri-Peri has 23 stores in parts of Metro Manila, while Shakey's has 228 as of end-2018.
"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," said Shakey's chairman Christopher Po. – Rappler.com