Century Pacific, Singapore’s GIC gain control of Shakey’s Philippines

MANILA, Philippines – Century Pacific Group Inc. (CPGI), the holding company of the Po family,  and Singapore’s GIC have teamed up to acquire International Family Food Services Inc. (IFFSI), the owner and operator of Shakey’s 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, who in turn will continue to hold a minority stake in IFFSI.

 The STAR earlier reported that Singaporean investors are buying into Shakey’s, which it found to be attractive given the food chain’s rosy financial position.

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 of 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 owns the exclusive local franchise of 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 said.

First established in 1954, Shakey’s Pizza 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 Philippines’ traditional full service pizza chain and family style casual dining categories.

As of the end of 2015, it had close to 170 stores nationwide, including 60 large stand-alone formats with high visibility on major roads.

“I am confident that our selection process for a buyer 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 IFFSI chairman Leo Prieto.

Last year, Shakey’s generated P6.5 billion in sales revenues, up from P5.7 billion a year ago and from around P5 billion in 2013.