MANILA, Philippines - The food processing unit of diversified conglomerate San Miguel Corp. has wrapped up its acquisition of a local biscuit manufacturer, providing the company with a new snack offering after it failed to snag British snacks maker United Biscuits last year.
San Miguel PureFoods Co. Inc. told the local bourse yesterday it has completed the acquisition of Filipino-owned biscuit company Felicisimo Martinez and Co. Inc. following the fulfillment of the closing conditions of the transaction last Feb. 1.
PureFoods acquired the trademarks, formulations, recipes and other intangible properties relating to the manufacturer’s La Pacita biscuit and flour-based snack business.
Felicisimo Martinez and Co. has been manufacturing cookies and crackers under the La Pacita brand for over 90 years.
The acquisition is expected to further boost SMC’s food and beverage portfolio which already includes Dari Crème, Jellyace, Purefoods, Magnolia, Monterey, Star, SanMig Coffee, and Tender Juicy.
SMC last year fell short in making it to the shortlist of bidders for United Biscuits, owner of brands such as Jaffa Cakes and Twiglets.
PureFoods is into dairy, agro, milling and processed meats businesses.
The company said last week its wholly-owned subsidiary San Miguel PureFoods International Ltd. is set to gain full ownership of a Vietnamese firm engaged in feed milling, meat processing and piggery operations
PureFoods currently operates 35 processing plants and 36 feed mills in the country and is looking to raise as much as P15 billion from the offering of preferred shares this year.