AC LOGISTICS Holdings Corp. has signed an investment agreement to acquire an approximately 84% stake in cold storage firm Glacier Megafridge, Inc. (GMI), pending regulatory approval and closing conditions.
“This agreement is a deliberate step in our transformation journey. GMI will complement and integrate into AC Logistics’ network of nodes, expanding our coverage to better serve our customers and strengthening our ability to deliver comprehensive logistics solutions to critical sectors. It’s about keeping our customers in mind and continually evolving to serve them better,” AC Logistics President and Chief Executive Officer Erry Hardianto said in a statement on Monday.
The deal builds on the existing partnership between AC Logistics and GMI through their joint venture, GMAC Logitech Refrigeration Corp., which operates a cold storage facility in Cagayan de Oro and is expanding one in Davao.
AC Logistics plans to grow into full-service logistics with a cold chain focus through the GMI acquisition, which, if completed, would allow the company to offer integrated services to address gaps in the sector’s supply and demand.
The company noted that spoilage rates in the Philippines range from 40% to 50%, highlighting the need for reliable cold storage solutions.
Founded in 2005, GMI operates 12 facilities nationwide using Japanese refrigeration technology, with a total capacity of 75,000 pallet positions.
The firm aims to improve the country’s food safety and supply chain stability.
“Partnering with AC Logistics opens new opportunities in GMI’s 20-year journey to scale and innovate. Together, we can address the growing demand for reliable cold chain solutions and help reduce inefficiencies in the supply chain. This collaboration positions us to serve customers better and contribute to the country’s food security and economic growth,” GMI Chief Executive Officer Archie Yan said.
Established in 2021, AC Logistics provides supply chain solutions, including cold chain services, freight forwarding, national distribution, and contract logistics.
The company operates a nationwide network of distribution centers and has access to a fleet of temperature-controlled trucks and an extensive network of agents.
AC Logistics is part of the Ayala group, whose core businesses include real estate, banking, telecommunications, and renewable energy.
The conglomerate also has growing operations in healthcare, mobility, logistics, and investments in industrial technologies, education, and other ventures.
On Monday, Ayala Corp. shares closed at P510.50, down P14.50 or 2.76% from the previous session. — Alexandria Grace C. Magno