The food industry must really be booming.
“The Century Pacific Group Inc. (CPGI) has teamed up with GIC Private Ltd., the sovereign wealth fund of Singapore, to acquire a controlling stake in the company that owns and operates the Shakey’s pizza parlor chain,” reports Doris Dumlao-Abadilla in Philippine Daily Inquirer.
Century Pacific Group Inc. (CPGI) is the holding company of the Po family and the parent company of leading canned food producer Century Pacific Food Inc. (CNPF) whose portfolio of brands includes Century Tuna, Argentina Corned Beef, Swift Meats, 555 Sardines, and Birch Tree Milk.
The report noted: “Under the deal, a new entity to be owned by CPGI and GIC will acquire majority of the pizza business under the holding firm International Family Food Services Inc. (IFFSI) from the Prieto family, which will continue to hold a minority stake in the company.”
The deal also includes Bakemasters Inc, a supplier of bakery products to Shakey’s and other food service customers, as well as the Philippine franchise for Project Pie, a US artisan pizza restaurant chain.
