MPAV acquires coconut processor Franklin Baker

METRO PACIFIC AGRO VENTURES, Inc. (MPAV) is expanding its presence in the local coconut export industry through the acquisition of coconut processor Franklin Baker Group of Companies (Franklin Baker).

- Revin Mikhael D. Ochave

MPAV, a unit of the Pangilinan-led Metro Pacific Investments Corp. (MPIC), said in an emailed statement on Thursday that it had signed agreements for the acquisition of Franklin Baker.

Under the deal, MPAV will infuse capital into Franklin Baker to help stabilize its operations, clear pending export backlogs, and return to sustainable growth.

MPAV did not disclose the value of the acquisition, but earlier news reports placed the deal at around P1 billion.

Founded in 1921, Franklin Baker is one of the country’s most established coconut processors. It operates manufacturing facilities in Laguna and Davao and supplies various coconut products to over 50 countries. These include desiccated coconut, coconut water, virgin coconut oil, and coconut cream.