Century Pacific Food, a manufacturer of canned fish, meat and dairy products in the Philippines, has acquired the Pacific Meat Company for PHP650m (US$13.3m).
Pacific Meat Company (PMCI) is a wholly-owned subsidiary of the parent business Century Pacific Group, which previously traded as Century Canning Corp. before a restructuring exercise in 2013.
Chilled meat producer PMCI will become part of Century Pacific Food (CNPF) from 1 April, according to a filing with the Philippine Stock Exchange, describing the acquired business as an “emerging player in the large refrigerated food category”, with its own production facilities and a plan to roll out “better-for-you products”.
Executive chairman Christopher Po said: “We are looking at refrigerated food as another platform for growth and look forward to bringing in PMCI as it has now hit scale and built out a pipeline of new products that will supplement CNPF’s. It will provide capabilities in a completely different food segment which is growing and will have synergies with the shelf-stable part of our portfolio.”
just-food has contacted CNPF for more details on PMCI and its planned new product offerings.
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The announcement of the deal came in CNPF’s annual results filing showing revenues rose 19% to PHP48.3bn in 2020, driven by the branded part of the business featuring fish such as canned tuna and sardines, meat and milk products, which grew 25% and accounted for 81% of sales. The company also supplies coconut waters to private-label clients.
Po added: “We saw robust demand for our branded products all throughout 2020 – beginning with a strong pre-Covid- 19 performance, followed by pandemic-related demand spikes, then sustained growth to wrap up the year due largely to the essentials and staples nature of our portfolio.”
