Manny Pangilinan's MPIC Acquires 51% Stake in Homegrown Ice Cream Brand Carmen's Best
Carmen’s Best, a homegrown Filipino ice cream brand, is now under Manny Pangilinan's Metro Pacific Investments Corporation (MPIC). MPIC has entered into a “strategic partnership” with Carmen’s Best Group, which is comprised of Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Company, Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc.
As part of the partnership, Carmen’s Best companies will consolidate under The Laguna Creamery, Inc. (TLCI) and give MPIC a 51 percent equity interest in TLCI, with Carmen’s Best Group retaining 49 percent equity.
The transaction values Carmen’s Best Group at P288 million.
The partnership fulfills MPIC’s internal initiative to double down on local agricultural investments to reduce the Philippines’ dependency on foreign imports and alleviate the effects of global supply chain disruptions and high inflation. Almost 99 percent of dairy available in the Philippines is imported, which provides a growth opportunity for MPIC and Carmen’s Best Group.
“The agricultural sector presents a wide range of possibilities that can help us achieve several goals—to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business. Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” said Manuel V. Pangilinan, the chairman, president, and CEO of MPIC.
Carmen’s Best Group is known for its premium ice cream offerings, locally produced Holly’s Milk, and an assortment of yogurts and artisanal cheeses. With MPIC’s partnership, the group plans to expand its business to meet local demand and even compete globally.
“Carmen’s Best has always had family at the heart of its 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 modest ice cream business,” said Francisco “Paco” Delgado Magsaysay, founder and CEO of Carmen’s Best. “This union makes us appreciative that MPIC sees the value of what we already built, while also elevating Carmen’s Best to a level beyond what we envisioned.”
Carmen’s Best was founded in 2009 and is named after Magsaysay's daughter.