Shakey’s acquires Potato Corner assets and entity in Singapore
RESTAURANT operator Shakey’s Pizza Asia Ventures, Inc. and its subsidiary Wow Brand Holdings, Inc. announced the acquisition of the assets and intellectual property of Potato Corner, including shares in an entity in Singapore.
“This is an accretive acquisition. Nonetheless, [we] will pursue maximizing synergies and wielding its expertise in business development, franchise management, and supply chain operations to further grow the brand sustainably,” Shakey’s Pizza said in a disclosure on Monday.
The company said it acquired 100% ownership of PC International Pte. Ltd., a Singaporean corporation that owns and operates Potato Corner in Singapore.
The acquisition will also involve owning and operating all company-owned stores, as well as serving as brand-owner and franchisor of stores being operated by franchisees.
“Since its inception in 1992, the brand has built a vast network of over 1,000 outlets domestically and has a growing international footprint in Asia and beyond. 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 [our] criteria for acquisitions,” the company said.
At the stock exchange on Monday, Shakey’s Pizza shares dropped by P0.05 or 0.60% to P8.35 apiece. — Luisa Maria Jacinta C. Jocson
