MPIC buys majority stake in Carmen’s Best Group

Conglomerate Metro Pacific Investments Corp. (MPIC) has acquired a majority stake in Carmen’s Best ice cream company owned by the Magsaysay family.

MPIC said it bought a 51 percent stake in Carmen’s Best Group for about 198 million pesos. The company hopes to develop 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.

Carmen’s Best Group, which also sells local pasteurized milk and cheeses, will retain a 49 percent equity stake.

The president and chief executive officer of the revamped Carmen’s Best will come from MPIC following the acquisition, while the chief operating officer will come from the Magsaysay Group.

“Essentially, this is 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 potential for business in the Philippine ice cream and dairy market.

Francisco D. Magsaysay, president of Carmen’s Best, said that since they started the business 11 years ago, their ice cream is more expensive than other brands because it is expensive to produce.

“We have existed for 11 years without sacrificing quality,” Magsaysay said. “Family has always been at the heart of the Carmen’s Best 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 humble ice cream business.”

“This alliance makes us appreciate that MPIC sees the value of what we have already created and also takes Carmen’s Best to a higher level than we imagined.”

The said deal values ​​the company at around 288 million pesos.

Earlier this year, MPIC announced that it was looking to increase investment in the agricultural sector and reduce the country’s dependence on food imports amid continued disruptions to the global supply chain and high inflation.

This deal represents a significant growth opportunity for MPIC and the Philippines as the country currently imports 99 percent of its annual dairy needs.

“The agriculture sector provides a wide range of opportunities that can help us achieve multiple goals of strengthening the food supply chain and increasing resource availability for all Filipinos, as well as providing more opportunities for growth in an otherwise underserved business.

Ultimately, the country must strive for substantial food independence. And we must feed our people first,” Pangilinan said.