PH-listed Macay acquires canteen concessionaire Kitchen City for $41m

Photo from Kitchen City's website.

Philippine-listed investment holding firm Macay Holdings Inc has acquired Artemisplus Express, operator of the canteen concessionaire Kitchen City, for 2 billion pesos ($41 million) in an all-cash deal, according to a disclosure.

Macay is the parent firm of ARC Refreshments that is engaged in the bottling, distribution, marketing, and sales of RC Cola and other popular carbonated drinks in the Philippines.

As part of the deal, Macay will acquire 100 per cent voting and controlling interest in Artemisplus.

Operating under the trade name Kitchen City, Artemisplus services clients mainly from business process outsourcing, corporate, manufacturing, and hospital segments through canteen concessions. It also provides catering services and has recently ventured into the sale of packed and frozen meals.

With a workforce of 1,300, the firm said it serves over 100,000 meals per day.

The acquisition of Kitchen City will be Macay’s first foray into the food-service business as it seeks to expand its business portfolio to other consumer products and services in the Philippines and in other Asian countries.

The company said it will expand Kitchen City from the current 90 outlets in Metro Manila and 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.

Macay is the investment holding firm of Yao Group of Companies, which is led by businessman Alfredo Yao. It reported net income after tax of 130 million pesos ($2.67 million) in the second quarter of the year on gross revenue of 2.6 billion pesos ($53.4 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.