Cold chain logistics firm gets $18M for expansion
Integrated cold storage solutions provider Glacier Megafridge Inc. (GMI) has obtained $18 million in fresh funds from private equity firm Ikhlas Capital Singapore Pte. Ltd., allowing the company to scale up capacity and expand its nationwide footprint.
Founded in 2005, GMI is one of the leading integrated cold chain logistics service providers in the Philippines, preferred by many local and international blue-chip companies. It provides refrigeration engineering, cold storage and warehouse management and logistical transport operations for producers of perishable meat, poultry, aquamarine and dairy products.
GMI currently operates eight major facilities in Metro Manila and key provinces, with over 50,000 in total pallet capacity.
The facilities of GMI, which is currently owned by businessmen William Tieng and Arturo Yan, were all built to international standards, earning industry certifications, such as ISO 22000 and Hazard Analysis and Critical Control Point (HACCP), an international standard for food safety and risk assessment plan.
Ikhlas is a pan-Southeast Asian private equity growth platform, where former Finance Secretary Cesar Purisima is a founding partner.
“This investment is an important milestone as we embark on our expansion plans. At GMI, we believe in mindful growth through strategic and synergistic partnerships. With the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality,” Arturo Yan, GMI cofounder and president, said in a statement.GMI’s facilities are strategically located in the north and south of Metro Manila and in key emerging cities in Bicol, Panay Samar, Bulacan and Pangasinan. —DORIS DUMLAO-ABADILLA INQ
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