Shakey’s Pizza acquires leading food kiosk brand ‘Potato Corner’
Shakey’s Pizza Asia Ventures, Inc. on Friday announced the acquisition of Potato Corner, one of the leading food kiosk brands in the country.
Under the Asset Purchase Agreement signed Friday, Shakey's will purchase assets and intellectual property relating to the Potato Corner business.
The acquisition by Shakey's 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.
Since its inception in 1992, the brand has built a network of over 1,000 outlets domestically and has a growing international footprint in Asia and beyond.
Vicente Gregorio, Shakey's president and chief executive officer, said, “Potato Corner is a bankable addition to (its) roster. Its co-founder, Jose Magsaysay, has truly established a solid brand foundation with a product that universally resonates with consumers.”
Christopher Po, Shakey's 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.”
According to Gregorio, the addition of Potato Corner can further boost Shakey’s reopening play in the coming year.
Shakey's has been actively pursuing store network expansion. It recently announced that it has opened more than 30 net new stores for the year, exceeding its initial plan for 2021. PSE