THE expansion plans in the Philippines of cold storage facilities operator Mets Logistics Inc. (Mets) is moving forward with funding from Singapore-based private equity firm Growtheum Capital Partners
In their agreement, GCP will invest P7 billion, with an additional P500 million from Mets founder shareholders.
“This investment will help enhance our cold-chain logistics capabilities and provide greater value to our customers and stakeholders,” Mets Chairman and President Eduard Tio said, adding that GCP will support Mets management teams across various sectors as part of its expansion.
Founded in 2010 in Cavite, Mets currently operates a network of five cold storage facilities, including one each in Carmona, Cebu, Cagayan de Oro and Balagtas, with a total capacity of 100,000 pallet positions. The company also offers dry storage, toll processing and blast-freezing services.
“Both Mets and GCP are committed to driving sustainable growth and creating long-term value, with the vision to address the shortage of reliable and high-quality cold storage services in the country,” Mets said in a statement.
GCP managing partner Amit Kunal noted the partnership supports their vision to become the preferred cold storage logistics partner for companies in the Philippines. “Mets’ core business and solid market position align with our investment strategy, and we look forward to working together with the founders and management to achieve their goals and leadership in the sector,” Kunal said.
Mets management said the partnership was subject to regulatory approvals, with PricewaterhouseCoopers (PwC) Philippines as financial, tax and legal advisor.
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