Metro Pacific agri-food unit signs up to acquire Franklin Baker
The agri-food business of tycoon Manuel Pangilinan-led Metro Pacific Investments Corp. (MPIC) is digging in the food-grade coconut export industry through the acquisition of Franklin Baker Group of Companies.
MPIC subsidiary Metro Pacific Agro Ventures Inc. (MPAV) on Thursday said it had entered into agreements to acquire Franklin Baker, one of the leading coconut processors in the Philippines.
“The coconut is one of the Philippines’ most important and iconic crops—something we should be proud of,” MPIC chair and chief executive officer (CEO) Manuel Pangilinan said in a statement.
According to MPAV, the latest deal marks a major expansion of its agribusiness platform.
“The transaction will provide Franklin Baker with the capital and strategic support needed to stabilize its operations, clear pending export backlogs and return to a path of sustainable growth,” it said.
Also, the deal is expected to help secure the livelihood of over 5,000 workers and maintain a reliable market for more than 50,000 coconut farmers nationwide.
MPAV is building on its earlier investment in Axelum Resources Corp., a food-grade coconut products exporter. It has expanded its production capabilities and global distribution network since the inclusion of Axelum in its portfolio in 2023.
Franklin Baker and Axelum have a combined capacity to process over two million coconuts daily. They account for a substantial share of the US market for exports.
“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,” Pangilinan said.
“This is a unique opportunity to strengthen a flagship export sector and help make Filipino agricultural products a global standard,” he added.
Jovy Hernandez, president and CEO of MPAV, said they intend to build a “coconut powerhouse that combines heritage, scale and global reach” through this transaction.
Founded in 1921 by American flour miller and father and son namesakes, Franklin Baker currently exports to more than 50 countries worldwide, with the United States as the leading market.
Father and son namesakes founded the eponymous company in 1921 as they expanded into the coconut business in the Philippines from a established flour milling business in the United States.
