Metro Pacific Agro Ventures (MPAV), a subsidiary of Metro Pacific Investments Corp. (MPIC), said Thursday it completed the acquisition of Franklin Baker Group of Companies in a deal worth P1 billion.
The move will increase the Metro Pacific group’s coconut production capacity to more than 2 million coconuts daily, MPAV said in a statement.
“Coconut is one of the Philippines’ most important and iconic crops — something we should be proud of,” said MPIC chairman and chief executive Manuel Pangilinan.
“With Franklin Baker and Axelum, we now have the opportunity to scale a globally competitive coconut platform — one that brings together world-class processing, long-standing customer relationships and strong ties to our farming communities. This is a unique opportunity to strengthen a flagship export sector and help make Filipino agricultural products a global standard,” said Pangilinan.
Franklin Baker, one of the country’s oldest coconut processors, was founded in 1921 and operates production facilities in Laguna and Davao.
The company exports a range of value-added coconut products, including desiccated coconut, coconut water, virgin coconut oil and coconut cream to more than 50 countries.
The acquisition will complement MPAV’s coconut operations under Axelum Resources Corp., a leading coconut product exporter based in Misamis Oriental.
Franklin Baker is an original equipment manufacturer of Axelum, which is turn is 34.76-percent owned by MPAV.
MPAV said the acquisition would provide Franklin Baker with the capital and strategic support needed to stabilize operations, address a backlog in exports and pursue long-term growth.
The deal is also expected to help protect over 5,000 jobs and maintain a reliable market for more than 50,000 coconut farmers nationwide, MPAV said.
“This transaction is about growth. With Franklin Baker joining Axelum in our portfolio, we are building a coconut powerhouse that combines heritage, scale and global reach. Our goal is to strengthen the entire value chain — from farmer to processor to export markets — while cementing the Philippines’ leadership in the global coconut industry,” MPAV president and chief executive Jovy Hernandez.
The acquisition is also part of MPAV’s strategy to build a vertically integrated agribusiness focused on food security, export competitiveness and rural development, the company said.
MPAV’s portfolio also includes investments in dairy through Carmen’s Best and Bukidnon Milk Co. and fruits and vegetables through Metro Pacific Fresh Farms, which operates the country’s largest climate-controlled greenhouse.
MPAV said it aims to reduce dependence on food imports, raise farmer incomes and promote sustainable practices, in line with national goals for agricultural modernization and economic development.
