MANILA - Shakey's Pizza Asia Ventures Inc (PIZZA) said Friday it would purchase food kiosk brand Potato Corner.
Shakey's Pizza will acquire the assets and intellectual property relating to the Potato Corner business, it said in a disclosure to the stock exchange.
The deal involves owning and operating all company-owned stores as well as serving as brand-owner and franchisor of franchisees here and abroad, the restaurant chain said.
Potato Corner, which was established in 1992, is known for its flavored french fries. It has over 1,000 outlets locally and has a growing footprint "in Asia and beyond," Shakey's Pizza said.
Acquiring Potato Corner will help the company foster entrepreneurship since it has over 600 MSE franchisees, Shakey's Pizza chairman Christopher Po said.
"We intend to work closely with them towards making their business successful. As we grow Potato Corner's business, the more we promote entrepreneurship," Po said.
“I am excited by the attractive business prospects of Potato Corner. I believe the Shakey’s Management team has the capabilities needed for Potato Corner to prosper and grow,” he added.
Although not spared by the pandemic, Potato Corner will help boost PIZZA's strategy in 2022, said PIZZA president and CEO Vicente Gregorio.
The restaurant industry was among the hardest hit by mobility restrictions put in place to mitigate the spread of COVID-19. The sector is gradually recovering as the health situation in the country improves.
Despite COVID-19, PIZZA has been pursuing its expansion plans. It opened over 30 new stores this year, it said.