Century Pacific and Singapore's GIC to buy Shakey's Philippines
MANILA, Philippines – Conglomerate Century Pacific Group, Incorporated has partnered with Singaporean sovereign investor GIC to buy International Family Food Services, Incorporated (IFFSI), the owner and operator of the Shakey's pizza chain in the Philippines.
Under the deal, a new entity owned by Century Pacific 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 Incorporated, a supplier of bakery products to Shakey's, as well as the Philippine franchise for US artisan pizza Project Pie.
The deal puts Century Pacific and GIC "in a strong position to benefit from the country's fast-growing restaurant industry,” both companies said.
"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.
Century Pacific also owns the exclusive local franchise for Yoshinoya, a Japanese fast food chain introduced in the Philippines in 2001.
Shakey's Pizza was established in 1954 and has been recognized as the first franchise pizza chain in the US.
It has since expanded globally and now has close to 170 stores all over the Philippines as of end-2015, including 60 large stand-alone formats.
"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," IFFSI Chairman Leo Prieto Jr said.
"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," Prieto added.
This is the second time the Po family has partnered with GIC.
GIC had acquired from Century Pacific Group a 10% stake in Philippine-listed Century Pacific Food, Incorporated in May 2014.
The Prieto family was advised by Maybank ATR Kim Eng, while Evercore acted as its exclusive financial adviser. – Rappler.com
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