Macay Holdings, Inc., parent company of RC Cola’s Philippine bottler ARC Refreshments Corporation, is investing P2 billion for its first venture into the food service business.
In a disclosure to the Philippine Stock Exchange, Macay said it has entered into an agreement to acquire 100 percent of Artemisplus Express, Inc., which operates under the trade name Kitchen City and is the leading canteen concessionaire in the country.
Kitchen City currently services clients mainly from business process outsourcing, corporate, manufacturing, and hospital segments. It also provides catering services and recently ventured into sale of packed meals and frozen meals.
“The acquisition will bring to fruition MACAY’s vision to expand its business portfolio to other consumer products and services in the Philippines and in other Asian countries,” the firm said.
It added that, “Our priority is to accelerate the growth of Kitchen City and support the company’s vision to provide high-quality but affordable meals to its clients which mirrors MACAY’s mission to provide superior value for its customers in the Philippines.”
The firm said the acquisition of Kitchen City provides MACAY the opportunity to diversify into the food service space and acquiring not only a market leader in cafeteria operations but the potential to expand beyond the existing 90 outlets it primarily services in Metro Manila.
MACAY’s priority is to accelerate the growth of Kitchen City and to capitalize on potential synergies with
ARC Refreshments Corporation, (botter of RC Cola, Juicy Lemon, Fruit Soda Orange, Seetrus, Arcy’s Rootbeer and Rite N Lite) and the rest of the Yao Group of Companies.