Big Chill embarks on P500-M expansion

MANILA, Philippines - The Big Chill Inc., a fruit shake retailer controlled  by listed firm AgriNurture Inc. is embarking on a P500-million expansion program that will involve the construction of around 100 outlets in China, US and Europe this year.

 In an interview, AgriNurture chairman and chief executive officer Antonio Tiu said more than half of the branches to be put up overseas will be located in China, particularly in Shanghai (the largest city by population in the world),  Beijing and Xiamen.

In the US, the company is targeting the West Coast, Tiu said.

For Europe, Barcelona, the second largest city in Spain after Madrid, will be its first Launchpad.

Tiu said the aggressive international expansion followed the successful launch of the The Big Chill at the Hong Kong international airport.

“We’re expanding aggressively because we think this would contribute significant growth to the company’s coffers.  AgriNurture will definitely benefit from this,” Tiu said.

 AgriNurture is the country’s largest vegetable producer and supplies homegrown fruits such as banana, S&W sweet pineapple,mangoes and papaya to major domestic supermarkets.

 Aside from the settting up of branches, the company has also earmarked funds for planned acquisitions and the establishment of a commissary.

The expansion, which will be funded by internally-generated funds, is in preparation for an eventual listing by The Big Chill on the exchange either by way of introduction or an initial public offering.

Tiu said AgriNurture will issue a portion of its shares in The Big Chill by way of property dividends to AgriNurture stockholders early this year.

The Big Chill operates a chain of outlets serving fruit shakes and light snacks under the brands Big Chill, Fresh Bar, C’Verde and Canefusion.

AgriNurture acquired 51 percent of Big Chill for P20 million in 2011 as the company expanded into the retail business.

The company also owns the franchise to operate US coffee chain Tully’s in the Philippines.

AgriNurture recently entered into a partnership with US best-selling coconut juice brand Vita Coco,  to build a $5-million coconut juice production facility in Pili, Camarines Sur.