December 23, 2021 – Shakey’s Pizza Asia Ventures, Inc., (PSE:PIZZA), the leading full-service restaurant chain group in the Philippines, announced the acquisition of Potato Corner, one of the leading food kiosk brands in the country.
Under the Asset Purchase Agreement signed today, PIZZA will purchase assets and intellectual property relating to the Potato Corner business.
The acquisition by PIZZA 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 both domestically and internationally.
Potato Corner is widely-known as one of the leading and most established food kiosk chains in the Philippines. It is a heritage brand made famous by its freshly cooked flavored fries, a well-loved indulgent snack by kids and adults alike.
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 PIZZA’s criteria for acquisitions.
Like most food service businesses in the country, Potato Corner took a blow during the pandemic. Yet, despite challenging circumstances, the business demonstrated resilience, posting profitable returns.
Christopher Po, PIZZA Chairman, said, “In addition, PC will allow us to cultivate entrepreneurship as one of our advocacies. Potato Corner has over 600 MSME franchisees. We intend to work closely with them towards making their business successful. As we grow Potato Corner’s business, the more we promote entrepreneurship.”
As an established player in the kiosk industry, Potato Corner is often the brand of choice among budding entrepreneurs. The brand’s market leadership, small and relatively low-cost store format, healthy margins, and fast payback create an attractive investment for micro, small, and medium-sized enterprises. Over the years, the brand has supported a multitude of entrepreneurs, helping their businesses flourish along with Potato Corner’s growth.
According to Gregorio, the addition of Potato Corner can further boost PIZZA’s reopening play in the coming year. Its global presence in more than 10 countries helps to further diversify PIZZA’s operations and revenue streams.’
According to Gregorio, the addition of Potato Corner can further boost PIZZA’s reopening play in the coming year. Its global presence in more than 10 countries helps to further diversify PIZZA’s operations and revenue streams.
The Company’s recent string of new store openings includes a Shakey’s Pizza franchise outside of Metro Manila, a strategy to gain more reach throughout the country. Peri-Peri Charcoal Chicken & Sauce Bar recently achieved its 50th store milestone, which comes in a full store format with a Park & Order option. PIZZA also opened the first independent R&B outlet in the country, the first drive through milk tea store in the Philippines. The Company also opened a Shakey’s store in Dubai, its 4th international store to-date.
Recently, PIZZA also announced the opening of a new Project Pie outlet at Shopwise Makati, in collaboration with the Gokongwei group.