MACAY HOLDINGS, INC., the parent of RC Cola’s bottler in the Philippines, announced its deal to fully acquire the biggest canteen concessionaire in the country.
The deal to buy Artemisplus Express, Inc., also known as Kitchen City, will be the first entry of the listed beverage investment firm into the food service space, fulfilling its vision to expand its portfolio to other consumer products and services.
“Our priority is to accelerate the growth of Kitchen City and support the company’s vision to provide high-quality but affordable meals to its clients which mirrors Macay’s mission to provide superior value for its customers in the Philippines,” it told the stock exchange, late Tuesday.
The payment terms are yet to be negotiated but Macay will be paying in cash. The deal is subject to the fulfillment of agreed closing conditions.
Macay is advised by AlphaPrimus Advisors for the transaction, while Kitchen City is advised by PwC Philippines.
Kitchen City runs 90 service outlets in Metro Manila. The company primarily engages in cafeteria operations in business process outsourcing, manufacturing, corporate, and hospital segments. It is also into catering services and the sale of packed and frozen meals.
Macay’s unit ARC Refreshment Corp. is the Philippine bottler of RC Cola, as well as Seetrus, Fruit Soda Orange and Juicy Lemon. — Adam J. Ang