The Po family announced Friday two significant acquisitions to further expand and strengthen its canned food manufacturing and restaurant businesses amid the pandemic.
Century Pacific Food Inc., a listed firm led by the Po family, said in a disclosure to the stock exchange it acquired ‘Ligo’, a leading brand in the sardine category from the Tung family, while Shakey’s Pizza Ventures Inc. said in a separate disclosure it bought Potato Corner, one of the leading food kiosk brands co-founded by businessman Jose Magsaysay Jr.
The final acquisition prices for both deals were not immediately disclosed.
Under the deal, CNPF will purchase the assets and intellectual property related to the manufacturing of ‘Ligo’s’ product lineup, which is composed of shelf-stable marine products.
“Ligo is a leading brand in the sardine category. Ligo will be highly synergistic with the rest of our shelf stable marine products. We are deeply humbled that the Tung family has entrusted this brand to our company, and we shall do our utmost to honor this legacy brand and continue its heritage,” CNPF executive chairman Christopher Po said.
‘Ligo’ is one of the top shelf-stable sardine brands in the Philippines with a heritage of over 60 years. It is a market leader in key regions in the Philippines.
CNPF, on the other hand, is one of the largest manufacturers and exporters of marine products. It is home to household brands such as Century Tuna, 555, Blue Bay and Fresca.
Meanwhile, Shakey’s agreed to purchase the assets and intellectual property relating to the Potato Corner business including all company-owned stores. It will also serve as the brand-owner and franchisor of stores being operated by franchisees both domestically and internationally.
Shakey’s president and chief executive Vicente Gregorio said the acquisition of Potato Corner could further boost the company’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,” Go said.
Potato Corner has 1,000 outlets domestically and a growing international footprint in Asia and other regions.
“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,” Gregorio said.
Shakey’s Pizza reported a net income of P14 million in the first half, a turnaround from the P289.96-million net loss it incurred in the same period last year.
Aside from CNPF and Shakey’s, the Po family also owns boutique property developer Arthaland Corp.