Racks, known for its hickory-smoked and flame-grilled baby back ribs, reopened yesterday at El Pueblo in Ortigas Center under a new owner, Cavalino Inc., the corporate vehicle set up by the Prieto family for this venture.
The Prietos own the local franchise of pizza restaurant chain Shakeys, Tia Maria, Dunkin Donuts, Pazzo Gelato, Gourmet Palate, Via Mare and La Tasca.
Cavalino chairman Leo Prieto Jr. said another Racks outlet will open this year, possibly in Makati, with 10 to 20 more outlets planned in the next two to three years. Each store, he said, would cost between P6 million and P8 million.
Prieto said the group’s plan is to open four to six restaurants a year. It is eyeing to build a branch within the Bonifacio Global City, Megamall, Mall of Asia and Alabang.
The transaction, according to Prieto, culminated after months-long negotiations with Wellington Soong, the principal owner of Jaguar Philippines Inc. He refused to say how much the family acquired the trademark and recipe of Racks but sources said the transaction fetched more than P10 million.
When asked why they acquired Racks, Prieto said, "People know the brand and they love it. Their products taste great and we hope to continue that tradition…You will get great values at Racks. We will not scrimp on the quality of the ingredients we will use at Racks."