The Metro Pacific Investments Corporation (MPIC), the country’s leading infrastructure investments company, announced today a “strategic partnership” with Carmen’s Best Group to further develop and expand the operations of its dairy farm and dairy products manufacturing facilities.
The group comprises Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Company, Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc..
Under the partnership, Carmen’s Best Group will integrate its assets and operations into The Laguna Creamery, Inc. (TLCI), with MPIC owning a 51% equity interest in TLCI and Carmen’s Best Group retaining a 49% equity interest.
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.
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% 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.
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. “Welcoming MPIC into our family makes us appreciative that they see the value of what we already built, while also elevating it to a level beyond what we envisioned.”
The transaction is valued at P288M for 100% and is conditional upon customary regulatory confirmation and approvals.