Philippines conglomerate Century Pacific Group has partnered with Singapore’s sovereign investor GIC to buy the parent of Shakey’s Philippines, the pizza restaurant chain.
The tie-up will acquire majority of of the business from the Prieto family, which will continue to hold a minority stake in International Family Food Services (IFFSI), the owner and operator of the Shakey’s Philippines.
“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.
The transaction also includes the acquisition of Philippine franchise for US artisan pizza Project Pie as well as Bakemasters, one of Shakey’s suppliers of bakery products.
The acquisition of Shakey’s, which had about 170 stores in the Philippines at the end of 2015, is the second partnership between Century Pacific’s controlling Po family and GIC. In May 2014, the Singaporean fund converted a P3.4 billion ($73 million) loan into a 10 per cent stake in Century Pacific Food, the group’s canned goods maker.