Growtheum invests P7B for cold storage project

Singapore-based Growtheum Capital Partners is pouring P7 billion into Mets Logistics Inc. to help expand its cold storage facilities which will help strengthen the country’s food security.

In an email to DAILY TRIBUNE, Growtheum said its investment will add to the P500 million capital from Mets’ founder and shareholders.

Mets currently manages a total of 100,000 pallet positions in its facilities in Cavite, Cebu, Cagayan de Oro and Bulacan.

“We are pleased to welcome Growtheum Capital as our strategic partner. Their experience in supporting management teams across diverse sectors makes them a valuable collaborator for us. This investment will further our expansion plans and help us enhance our cold chain logistics capabilities, providing greater value to our customers and stakeholders,” Met Logistics Inc. chairman and president Eduard Tio said.

“We are excited to partner with Mets and support their vision to become the preferred cold storage logistics partner for companies in the Philippines,” Growtheum Capital Partners managing partner Amit Kunal added.

Regional opportunities

Growtheum Capital Partners is a private equity firm pursuing partnership opportunities with leading companies in Southeast Asia and India.

Citing data from the Department of Science and Technology, former chief of the Department of Finance Margarito Teves said food waste due to lack of refrigeration ranges from 5 to 48 percent.

Without cold storage and efficient transport infrastructure, Teves also said businesses are forced to raise food prices at the markets as logistics account for 24 to 53 percent of wholesale prices based on data from the Department of Trade and Industry.

According to the 2024 Global Hunger Index, the Philippines experiences “moderate” hunger as nearly 6 percent of the population are undernourished.