MANILA - Macay Holdings Inc, which manufactures RC Cola through its unit ARC Refreshments on Wednesday said it has agreed to acquire Artemisplus Express, its first foray into the food service business.
Artemisplus Express operates canteen concessionaire "Kitchen City." The deal has an estimated transaction value of P2 billion, Macay Holdings told the stock exchange.
"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," it said.
Kitchen City provides catering, canteen and cafeteria services and sells packed and frozen meals. It caters to business process outsourcing (BPO), corporate, manufacturing and hospital clients.
"Macay's priority is to accelerate the growth of Kitchen City and to capitalize on potential synergies with ARC Refreshments Corporation, (bottler 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," it added.
Macay Holdings operates ARC Refreshments Corp. and ARC Holdings, Inc, which are engaged in the business of goods trading. It operates 9 production facilities in the country.