Macay Holdings Inc., parent company of RC Cola’s Philippine bottler ARC Refreshments Corp., said it is acquiring food catering firm Artemisplus Express Inc. which operates under the trade name Kitchen City, for P2 billion.
Macay said it has signed the agreement for the 100 percent acquisition fo Artemisplus, subject to conditions.
“The acquisition of Kitchen City will be Macay’s first foray into the food service business.
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 company said.
“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,” it added.
Macay said the transaction covers 2.39 million shares of Artemisplus, a valuation that was negotiated between the two parties. The transaction will be paid in cash “upon signing of deed of sale of shares of stock, plus adjustment.”
Artemisplus is one of the biggest food concessionaires with over 20 years of experience. It started at a canteen concessionaire in semiconductor plants, schools and BPO companies and built its business over the years into a workforce of 1,300 in 68 outlets and two restaurants serving over 100,000 meals a day.
Artemisplus has also ventured into catering business, which can cater up to 10,000 persons in one event.
In March, Artemisplus launched its “Kitchen City Frozen Meals,” which packages their commissary-made products into convenient reheatable dishes.
It operates its kitchen commissary in Food Terminal Inc. in Taguig.