ANI sets aside P253 million for more acquisitions

MANILA, Philippines - AgriNurture Inc. (ANI) is setting aside P253 million for further acquisitions this year and for 2012.

This was disclosed over the weekend by ANI president and chief executive officer Antonio Tiu who said that ANI is set to acquire two to three local food chains before the year ends at a cost of around P3 million.

Tiu declined to reveal at this time the companies that ANI is acquiring except to say that they would complement ANI’s existing food and beverage business.

The bulk of ANI’s budget for acquisitions of P250 million, Tiu said, would be spent next year when ANI acquires more businesses.

At the same time, Tiu said that ANI is scheduling future offerings and plans to list in the Australian stock market to March next year.

 Tiu pointed out that a jittery market plus the need to complete the Black River Capital Partners Fund investment in ANI, will push back the planned listing at the Australian stock market and any further offerings to March next year.

The hedge fund subsidiary of US-based commodities giant Cargill Inc. is acquiring a 28 percent equity stake worth $30.4 million in ANI.

Black River Capital Partners Fund is a fund managed by global asset management company Black River Asset Management, LLC.

Black River Asset Management is an independently managed subsidiary of Cargill.

The Minnetonka, Minnesota-based Cargill is now the largest privately held corporation in the US in terms of revenue.

Among Cargill’s major businesses are trading, purchasing and distributing grain and other agricultural commodities; trading in energy, steel and transport; the manufacture and sale of livestock and feed; producing food ingredients such as starch and glucose syrup, vegetable oils and fats for application in processed foods and industrial use.

ANI , a publicly listed fruit and vegetable grower, wholesaler and exporter, is in the midst of an aggressive expansion plans.

It is currently building a $5-million factory in Camarines Sur to supply coconut juice to American beverage brand Vita Coco.

Last August, ANI acquired 51 percent of The Big Chill fruit shake chain for P20 million.

The chain has four brands namely: Big Chill, Fresh Bar, C’Verde and Canefusion.

ANI plans to take The Big Chill brands international.

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