Philippine-listed Macay Holdings Inc, the parent company of RC Cola’s Philippine bottler ARC Refreshments Corporation, has completed its acquisition of Artemisplus Express Inc, operator of Kitchen City.
In a disclosure to the Philippine Stock Exchange Thursday, Macay said it has acquired 100 per cent voting and controlling interest in Kitchen City, the leading canteen concessionaire in the Philippines.
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,” according to the disclosure.
The company said its 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.
Kitchen City currently services clients mainly from BPO, corporate, manufacturing, and hospital segments. It also provides catering services and recently ventured into sale of packed meals and frozen meals.
During the community quarantine imposed due to the COVID-19 pandemic, Kitchen City also successfully pivoted its business model to include sale of packed meals and frozen meals. – BusinessNewsAsia.com