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AC Logistics Holdings Corp. has signed an agreement to acquire up to around 84% of cold chain storage and logistical service provider Glacier Megafridge, Inc.
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The deal signed on January 26 builds on the existing partnership between the 2 firms through their joint venture GMAC Logitech Refrigeration Corp.
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The agreement is subject to satisfaction of closing conditions by GMI and regulatory approval
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AC Logistics said the move to acquire GMI is in line with its strategy to transform itself into a comprehensive logistics solutions provider, with the cold chain logistics segment among its key verticals
AC Logistics Holdings Corp. has signed an agreement to acquire up to around 84% of cold chain storage and logistical service provider Glacier Megafridge, Inc. (GMI).
The agreement, signed on January 26, builds on the existing partnership between AC Logistics and GMI through GMAC Logitech Refrigeration Corp., a joint venture that operates a cold storage facility in Cagayan de Oro and currently expanding another facility in Davao.
The agreement is subject to satisfaction of closing conditions by GMI and regulatory approval.
“This agreement is a deliberate step in our transformation journey,” AC Logistics president and chief executive officer Erry Hardianto said in a statement.
Hardianto said GMI will complement and integrate into AC Logistics’ network of nodes, expanding the latter’s coverage to better serve customers and strengthen its ability to deliver comprehensive logistics solutions to critical sectors.
“It’s about keeping our customers in mind and continually evolving to serve them better,” Hardianto said.
AC Logistics also said its partnership with GMI highlights its focus on expanding in high-growth, high-impact areas.
READ: AC Logistics sells back waste management firms to Lina Group
For his part, GMI CEO Arturo Yan said 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,” Yan said.
AC Logistics said the move to acquire GMI is in line with its strategy to transform itself into a comprehensive logistics solutions provider, with the cold chain logistics segment among its key verticals.
Once finalized, the agreement with GMI will provide AC Logistics a platform to develop integrated cold chain services, addressing the significant supply-demand gap in the sector and contributing to efforts to reduce spoilage rates of agricultural products. Studies estimate that the spoilage rate in the Philippines is at 40% to 50%.
GMI is a major provider of integrated cold storage services in the Philippines, dedicated to overcoming logistical challenges and strengthening national food safety, security, and stability. Since it was established in 2005, GMI has combined advanced Japanese refrigeration technology with Filipino expertise to ensure the efficient and reliable storage and distribution of perishable goods nationwide.
It currently operates 12 cold storage facilities across the Philippines with a total capacity of an estimated 75,000 pallet positions.
