CNPF completes acquisition of Ligo

MANILA, Philippines — Century Pacific Food Inc (CNPF) has sealed its acquisition of legacy brand Ligo Sardines from the Tung family.

In a disclosure yesterday, CNPF said it has finalized the acquisition of Ligo with the purchase of Ligo assets and operational assets related to the manufacturing of Ligo products.

CNPF acquired the building facilities and equipment to manufacture Ligo products in Zamboanga, Philippines.

The acquisition of the manufacturing facility and equipment will enable the company to produce Ligo in the province.

A leading brand in the sardine category, Ligo will be highly synergistic with the rest of CNPF’s shelf stable marine products, CNPF said.

“CNPF foresees synergies in selling and distribution, supply chain, and marketing. Moreover, this acquisition is aligned with the company’s mission to provide affordable nutrition to its consumers,” said the Po family-led canned tuna company.

Furthermore, CNPF said its long-standing business in the sardine category would enable it to strengthen the Ligo brand.

The company will be leveraging its scale and capability to create more value for the brand, which will in turn strengthen its core business, CNPF also said.

CNPF acquired Ligo in 2021 as part of its opportunistic acquisition binge despite the pandemic of the last two years. The Po family’s Shakey’s Pizza likewise acquired Potato Corner.

Ligo turned in a profit of P20.3 million in 2018, P21 million in 2019 and P34.3 million in 2020.

The company’s total assets amounted to P3 billion in 2020 and 2019, higher than the P2.8 billion in 2018, according to documents from the Securities and Exchange Commission (SEC).