Shakey’s Pizza Asia Ventures, Inc. (PIZZA), the leading full-service restaurant chain group in the Philippines controlled by the Po family, is buying the popular Potato Corner, one of the leading food kiosk brands in the country.

In a disclosure to the Philippine Stock Exchange, Shakey’s said it has signed an Asset Purchase Agreement under which it will purchase assets and intellectual property relating to the Potato Corner business.

The acquisition 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.

“Potato Corner is a bankable addition to PIZZA’s roster of WOW brands. Its co-founder, Jose Magsaysay, has truly established a solid brand foundation with a product that universally resonates with consumers,” said PIZZA President and Chief Executive Officer Vicente Gregorio.

He added that, “The current scale of Potato Corner and the brand love that it receives from consumers are a testament to that.” “We, at PIZZA, are grateful that Potato Corner’s former owners are entrusting the brand to our team. We look forward to continuing on its legacy and strengthening the Potato Corner brand even more,” Gregorio noted.

Gregorio said “This is an accretive acquisition. Nonetheless, we will pursue maximizing synergies and wielding our expertise in business development, franchise management, and supply chain operations to further grow the brand sustainably.”

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.

PIZZA has been actively pursuing store network expansion. The Company recently announced that it has opened more than 30 net new stores for the year, exceeding its initial plan for 2021.

“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,” PIZZA Chairman Christopher Po said.

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.

“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,” Po said.