Philippines' Century Pacific acquires 100% of Coco Harvest
The deal was valued at around $40m.
Philippines’ food and beverage company Century Pacific Food, Inc. (CNPF) has acquired a 100% stake in Coco Harvest Inc., a coconut processing facility in Misamis Occidental, Mindanao.
The deal, valued at around $40m, includes upgrades to the facility and will be funded by CNPF's cash flow.
Coco Harvest, built in 2016, produces coconut water, milk, desiccated coconut, and virgin coconut oil. The acquisition will expand CNPF's production capacity and create over 1,500 jobs in the region. It also provides market access for local coconut farmers.
CNPF President and CEO Ted Po highlighted the importance of the acquisition, stating that it supports the growing demand for coconut products, driven by health and wellness trends.
The company also signed a long-term agreement with The Vita Coco Company, Inc., committing to supply 90 million liters of coconut water over five years.
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