Pangilinan-led Metro Pacific Investments Corp. (MPIC) on Monday announced its entry into agri-investments through the acquisition of a majority stake in the Carmen’s Best Group known for its ice cream products.
Under the partnership, the Carmen’s Best Group — including Carmen’s Best Dairy Products Inc., Carmen’s Best International Dairy Company Inc. — will integrate assets and operations into The Laguna Creamery Inc. (TLCI).
The transaction values the Carmen’s Best Group at P288 million, with MPIC owning a 51% equity interest while the remaining 49% equity interest will remain with the Carmen’s Best.
“The agricultural sector presents a wide range of possibilities that can help us achieve several goals — to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business,” MPIC chairman, president, and chief executive officer Manuel Pangilinan said in a statement.
“Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” he added.
The Carmen’s Best Group’s business portfolio includes its home-grown premium ice cream brand Carmen’s Best Ice Cream; the locally pasteurized and homogenized fresh milk Holly’s Milk, and yogurt and artisanal cheeses.
“This union makes us appreciative that MPIC sees the value of what we already built, while also elevating Carmen’s Best to a level beyond what we envisioned,” Carmen’s Best founder and chief executive officer Francisco “Paco” Magsaysay said in the statement.
The latest venture will add to MPIC’s businesses which cover power, toll operations, water, healthcare, rail, and logistics, among others.
Its subsidiaries include Beacon Electric Asset Holdings Inc., through which it owns part of the Manila Electric Company (Meralco), and Beacon PowerGen Holdings Inc.
It also counts subsidiaries Metro Pacific Tollways Corporation (MPTC)., Maynilad Water Holding Company Inc., Metro Pacific Hospital Holdings Inc., Metro Pacific Light Rail Corp., and MetroPac Logistics Company Inc.
Shares in MPIC closed Monday at P3.55, down by 6 centavos or 1.66% from last Friday’s finish of P3.61.—AOL, GMA News