SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) on Monday said it is acquiring the assets of artisanal pizza brand Project Pie.
In a disclosure to the stock exchange, the listed full-service restaurant operator said it inked a memorandum of agreement to buy the various assets and intellectual property of Project Pie for a nominal amount.
Project Pie was majority owned by SPAVI parent Century Pacific Group and Singapore’s sovereign wealth fund GIC.
The US-based pizza chain introduced the do-it-yourself pizza concept to the Philippines in 2013.
In 2017, Project Pie closed all of its branches in the Philippines, except for the branch located at Block 28, Commerce Avenue in Alabang, Muntinlupa.
Meanwhile, SPAVI said on Monday it has completed the purchase of Peri-Peri Charcoal Chicken, expanding its portfolio of restaurant brands.
“Following an Asset Purchase Agreement signed last April 2019, (SPAVI) acquired the assets and intellectual property relating to the Peri business, including its brand, trade name, and the various proprietary recipes used by the chain to make its trademark peri-peri chicken,” the company said.
With the completion of the deal, SPAVI now owns and operates all company-owned Peri stores. It also serves as brand-owner and franchisor of those stores being operated by franchisees.
There are currently 23 Peri stores in the Philippines.
As of end-March, SPAVI had 229 stores in the Philippines and three overseas.
The company is planning to open seven more stores in the second quarter, as part of plans to have 20 new stores for a total of 248 outlets nationwide by end-2019.
For the first quarter of 2019, SPAVI reported its net income rose 2.5% to P188 million, driven by a 4% increase in revenues to P1.84 billion.