AC Logistics Holdings Corp. has acquired cold storage firm Glacier Megafridge, Inc. pending regulatory approval and closing conditions. (GMI) has signed an investment agreement to acquire approximately 84% stake.
“This agreement is a deliberate step in our transformation journey. GMI will complement and integrate AC Logistics' network of nodes, expanding our coverage to better serve our customers and strengthening our ability to deliver comprehensive logistics solutions in critical areas. This is about keeping our customers in mind and constantly evolving to serve them better,” AC Logistics President and CEO Ari 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, when completed, will allow the company to provide integrated services to address gaps in the region'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.
Established in 2005, GMI operates 12 facilities across the country using Japanese refrigeration technology, with a total capacity of 75,000 pallet positions.
The company aims to improve the country's food security and supply chain sustainability.
Archie Yan, Chief Executive Officer of GMI, said, “Partnering with AC Logistics opens up new opportunities for scale and innovation in GMI's 20-year journey. Together, we can meet the growing demand for reliable cold chain solutions and help reduce inefficiencies in the supply chain. This collaboration enables us to better serve customers and contribute to the country's food security and economic growth.”
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 group's investments in health care, mobility, logistics and industrial technologies, education and other ventures are also increasing.
On Monday, Ayala Corp. shares closed at P510.50, down P14.50 or 2.76% from the previous session. — Alexandria Grace C. Magno