Shakey’s Pizza Asia Ventures Inc. said it is spending P163.45 million to acquire the Potato Corner business in Singapore.
The company said it is acquiring all 300,000 shares of PC International Pte. Ltd., which owns and operates Potato Corner in Singapore, at P544.82 apiece.
This is in line with the company’s acquisition in December of the Potato Corner business in the Philippines.
Shakey’s said the purchase is an “accretive acquisition” as the Philippine brand has built a vast network of presence both locally and overseas since its inception in 1992.
“Over the years, the business has built a strong brand equity and demonstrated robust performance, attractive margins, and the capability to scale — all aligned with PIZZA’s criteria for acquisitions,” Shakey’s said.
“Nonetheless, Shakey’s will pursue maximizing synergies and wielding its expertise in business development, franchise management, and supply chain operations to further grow the brand sustainably,” it added.
Vicente Gregorio, Shakey’s president, earlier said Potato Corner is a “bankable” addition to the company’s portfolio.
“Its co-founder, Jose Magsaysay, has truly established a solid brand foundation with a product that universally resonates with consumers. The current scale of Potato Corner and the brand love that it receives from consumers are a testament to that,” Gregorio said.
“We, at Shakey’s, are grateful that Potato Corner’s former owners are entrusting the brand to our team. We look forward to continuing on its legacy and strengthening the Potato Corner brand even more,” Gregorio added. – Ruelle Castro
