Ayala unit taking over leading cold storage chain

MANILA, Philippines – Ayala Corp. is moving to expand its cold chain operations with a deal to acquire a majority stake in Glacier Megafridge Inc. (GMI), one of the country’s leading cold storage operators.

In a disclosure on Monday, the country’s oldest conglomerate said AC Logistics Holdings Corp., a wholly owned subsidiary, entered into an investment agreement to acquire up to about 84 percent of GMI.

The transaction remains subject to closing conditions and regulatory approvals.

READ: Ayala-Glacier Megafridge venture expands cold storage capacity

Ayala said the deal was aligned with AC Logistics’ strategy to scale up its cold chain business, which the company has identified as one of its key growth pillars.

By bringing GMI into its network, AC Logistics is expected to significantly broaden its cold storage footprint and strengthen its ability to deliver integrated logistics solutions nationwide.

GMI is a major player in the Philippine cold storage sector, operating 12 facilities across the country with an estimated capacity of about 75,000 pallet positions. It supports handling and distribution of perishable goods, a segment seen as critical to food security and supply chain efficiency.

Existing venture

The acquisition builds on an existing partnership between AC Logistics and GMI through GMAC Logitech Refrigeration Corp., a joint venture that operates a cold storage facility in Cagayan de Oro, and is currently expanding another site in Davao.

Ayala said the deeper integration would allow AC Logistics to leverage GMI’s established operations and technical expertise.

Once completed, the transaction is expected to provide AC Logistics with a stronger platform to develop end-to-end cold chain services, helping address supply-demand gaps in the sector and reduce spoilage rates of agricultural products.