Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is entering the agricultural business with the acquisition of local premium ice cream brand Carmen’s Best as well as locally pasteurized and homogenized Holly’s fresh milk.
MPIC said the move is in line with efforts to ensure sustainable food supply in the country.
In a regulatory filing, MPIC said it signed a deal to acquire 51 percent of The Laguna Creamery Inc. (TLCI) for P198 million as part of its diversification into the agricultural sector.
Under the deal, all assets and operations of the Carmen’s Best Group which comprise Carmen’s Best Dairy Products, Carmen’s Best International Dairy Company, Real Fresh Dairy Farms and RMJ Development Corp., will be consolidated under TLCI.
Partly owned by the family of Paco Magsaysay, Carmen’s Best Group will retain a 49 percent interest in TLCI.
Upon completion of the transaction, TLCI will become a subsidiary of MPIC.
MPIC’s investment will allow TLCI to develop and expand the operations of its dairy farm and dairy products manufacturing facilities.
The group produces yogurt and artisanal cheeses under the Carmen’s Best Natural Cheese and Holly’s brands.