MVP Eats Up Majority of Carmen’s Best in Latest Buyout Venture
Manny V. Pangilinan’s Metro Pacific Investments Corp is set to enter the agribusiness industry by acquiring famous creamery Carmen’s Best.
A Filipino business tycoon with many brands under his name, Manny V. Pangilinan, or MVP, currently sits at the helm of Metro Pacific Investments Corporation (MPIC) as its Chairman and President. With large-name companies like Meralco for electricity, Maynilad for water, and Metro Pacific Tollways (MPTC) for tolls and roads that make up its roster, it’s clear that the corporation remains a leader in many industries.
Now, the company seeks to enter the agribusiness industry by acquiring the popular homegrown premium ice cream brand—Carmen’s Best.
Last Monday, June 27, MPIC entered a deal to acquire 51% of the outstanding shares of The Laguna Creamery Inc (TLCI) and other involved parties, which collectively represent the Carmen’s Best Group. In a disclosure to the stock exchange, Pangilinan signed a deal to acquire 571,803 common shares for PHP 198 million in a move to diversify its investment portfolio.
A Sweet Deal
According to the company, it entered into an Investment Framework Agreement with Carmen’s Best Dairy Products, Carmen’s Best International Dairy Company, Real Fresh Dairy Farms, The Laguna Creamery, RMJ Development Corporation, along with certain individual shareholders. Through this deal, Carmen’s Best Group will integrate its assets and operations into TLCI—with MPIC owning a 51% equity investment in TLCI and the group retaining 49% equity.
Once the transaction is finalized, TLCI will become a subsidiary of Pangilinan’s MPIC, the company added.
“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 CEO Manuel Pangilinan said.
“Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” he continued, adding that in the future, the company envisions turning TLCI into a fully integrated dairy business.
Known for its artisanal ice cream and diverse flavors, Carmen’s Best was established in 2007 after owner Paco Magsaysay’s father bought a farm in Laguna. While it first started out as a dairy farm, the company soon diversified to first include milk-based desserts like Pastillas, flavored milk, and cheeses, before finding its niche in ice cream.