Po family buys Ligo, Potato Corner

MANILA, Philippines — The Po Group has quietly embarked on an opportunistic acquisition binge amid the pandemic, with its flagship food brand Century Pacific Food Inc. (CNPF) buying legacy brand Ligo Sardines and Shakey’s Pizza acquiring Potato Corner.

In a disclosure yesterday, CNPF said it has signed a deal with the Tung family to acquire the assets and intellectual property related to the manufacturing of Ligo’s product lineup, which is composed of shelf-stable marine products.

Christopher Po, executive chairman of CNPF, said 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,” Po said.

He said the category is one of the most accessible protein and calcium sources for Filipino consumers, an essential product that supports food security in the country.

“This will be an accretive, bolt on acquisition. We foresee synergies in selling and distribution, supply chain and marketing. Moreover, this acquisition is very aligned with our mission to provide affordable nutrition to our consumers. Our company has a long-standing business in the sardines category. We will be leveraging our scale and our experience to create more value for the brand, which will in turn strengthen our core business,” Po said.

Ligo, owned by the Tung family and run by the third generation Tung brothers, 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 a manufacturer and exporter of marine products. It is home to household brands such as Century Tuna, 555, Blue Bay and Fresca.

The company is also a market leader in meat and has a strong emerging business in dairy and coconuts.

Po-led Shakey’s Pizza Asia Ventures Inc., meanwhile, announced the acquisition of Potato Corner, one of the leading food kiosk brands in the country, co-founded by Jose Magsaysay.

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, Shakey’s said in its disclosure.

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.

Vicente Gregorio, president and CEO of Shakey’s, said Potato Corner is a bankable addition to the company’s roster of brands.

“The current scale of Potato Corner and the brand love that it receives from consumers are a testament to that. We, at Shakey’s 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 said.