Conglomerate Metro Pacific Investments Corp. (MPIC) has acquired a controlling stake in the company that makes Carmen’s Best ice cream owned by the Magsaysay family.
MPIC said it has bought a 51-percent stake in the Carmen’s Best Group for about P198 million. The company hopes to grow the brand locally and eventually export it.
The acquisition involved Carmen’s Best Dairy Products Inc., Carmen’s Best International Dairy Company Inc., Real Fresh Dairy Farms Inc. and The Laguna Creamery Inc.
The Carmen’s Best Group, which is also into selling locally pasteurized milk and cheeses, will retain the 49 percent equity interest.
The president and CEO of the revamped Carmen’s Best following the acquisition will come from MPIC and the chief operating officer will come from the Magsaysay Group.
“Basically, it’s a farm to market business. In the future it can be sold internationally because it is a good product,” said Manuel V. Pangilinan, chairman, president and CEO of MPIC.
Pangilinan noted that there is a business potential on the higher end of the ice cream and dairy products market in the Philippines.
Francisco D. Magsaysay, president of Carmen’s Best, said since they estalished the business 11 years ago, their ice cream is priced higher compared with other brands as it is expensive to make.
“We’ve lasted 11 years without sacrificing the quality,” Magsaysay said. “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.”
“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.”
The said transaction values the company at about P288 million.
Earlier this year, MPIC announced that it is seeking 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.
Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” Pangilinan said.