Food producer and trader Agri-Nurture Inc. (ANI) recently announced it is acquiring a majority stake in The Big Chill Inc. (TBC), a local seller of fruit juice and food products.
In a disclosure to the Philippine Stock Exchange, ANI said it would own 51% of TBC after making a cash payment of P20 million to the company.
ANI would also advance P244 million before the end of the year to be used for TBC’s expansion. The additional capital infusion will provide a big boost to The Big Chill company that is already planning to enter the China and US markets. TBC’s goal is to build 1,000 outlets outside the Philippines within five years.
As for ANI, the advance payment gives them a stock conversion option that could raise total ownership stake in TBC to 80%.
At present, The Big Chill (TBC) has 40 branches nationwide marketed under the kiosk brands Big Chill, Fresh Bar, C’Verde, and A.N.T.S. Cane Fusion.
ANI, meanwhile, is engaged in producing and exporting wholesale fruits and vegetables. It is also engaged in selling retail produce through its brands such as Fresh Choice Always (FCA), , La Natural coconut juice, Nikka mango nectar and Tully’s coffee.
According to the company, the acquisition completes ANI’s “farm-to-plate” business model. The move is essentially a “forward integration” strategy which means ANI would now control the entire value chain processes in the fruit and vegetable industry, starting from the production up to the retail sales of processed fruits and vegetables.
