CEBU, Philippines — Infrastructure investments company, Metro Pacific Investments Corporation (MPIC) has entered into a strategic partnership with Carmen’s Best Group to develop and expand the operations of its dairy farm and dairy products manufacturing facilities.
This is part of MPIC’s grand plan to ramp up investments in the agricultural sector and reduce the country’s dependence on food imports amid ongoing global supply chain disruptions and high inflation. This transaction presents a significant growth opportunity for MPIC and the Philippines, as the country currently imports 99 percent of its annual dairy requirements.
“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,” said MPIC Chairman, President, and Chief Executive Officer, Manuel V. Pangilinan.
Under the partnership, the Carmen’s Best Group will integrate its assets and operations into The Laguna Creamery, Inc. (“TLCI”), with MPIC owning a 51 percent equity interest in TLCI and the Carmen’s Best Group retaining a 49 percent equity interest.
The Carmen’s Best Group is behind the home-grown premium ice cream brand, Carmen’s Best Ice Cream, and the country’s only locally pasteurized and homogenized fresh milk, Holly’s Milk. It produces artisanal cheeses under the Carmen’s Best Natural Cheese and Holly’s brands.
MPIC and Carmen’s Best Group envision transforming TLCI into a fully integrated dairy business, serving local demand and eventually competing globally.
“Carmen’s Best has always had family at the heart of its brand – from the humble beginnings of my father and his friend’s dairy farming project, to the touch of creativity I added to turn it into a modest ice cream business,” said Francisco “Paco” Delgado Magsaysay.
The transaction is valued at PHP288M for 100 percent and is conditional upon customary regulatory confirmation and approvals.
Carmen’s Best Group subsidiaries include; Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Company, Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc.
MPIC on the other hand, is a company with holdings in Manila Electric Company, Maynilad Water Services, Inc., MetroPac Water Investments Corporation, Metro Pacific Tollways Corporation, Metro Pacific Hospital Holdings Inc., Light Rail Manila Corporation and mWell PH.