Acquires majority stake in regional feed player Gold Coin for US$334 million
20 July 2018, MANILA — AEV’s food subsidiary Pilmico International Pte Ltd (“Pilmico International”) announced today its acquisition of a majority stake in one of Asia’s largest privately-owned agribusiness corporations, Gold Coin Management Holdings Limited (Gold Coin), as it expands its animal feeds business in the Asia – Pacific region.
Pilmico International is a wholly owned subsidiary of Aboitiz Equity Ventures, Inc. (AEV) through its Singapore-based holding entity, AEV International Pte Ltd. Pilmico International signed a share purchase agreement with British Virgin Islands -based Golden Springs Group, Ltd. (GSG) for 75% equity interest in Gold Coin. The consideration is based on an enterprise value of US$413 million, which is equivalent to 75% of the total enterprise value of US$550 million. After deducting cash-like adjustments, the final cash consideration is US$334 million. The transaction will be funded through financing from foreign banks.
Pilmico International was chosen as the preferred bidder following a competitive bid selection process for the acquisition of Gold Coin shares from its holding company, GSG. Gold Coin, which is based in Singapore, is a major producer of animal feeds and operates 20 livestock and aqua feed mills across 11 countries in Asia.
“ASEAN’s market size of over 500 million will bring many opportunities to expand our customer base. This acquisition serves as a platform towards achieving Pilmico’s strategy to grow our core feed milling business beyond ASEAN and now across Asia. This acquisition will add three million metric tons of volume which quadruples our overall feeds production capacity.” said Sabin M. Aboitiz, AEV Chief Operating Officer and Pilmico President and Chief Executive Officer.
The Gold Coin acquisition is Pilmico International’s largest investment in the Asia-Pacific region to date.
Pilmico International’s first ASEAN venture was in Vietnam in 2014 when it bought a 70% stake in Vinh Hoan Feeds (VHF), one of the country’s major aquafeed manufacturer. In 2017, it bought an additional 15% stake in VHF, effectively increasing its stake to 85%. Driven by its strategy to widen its footprint in Vietnam and diversify product portfolio, in September 2017, Pilmico International bought a 70% stake in Europe Nutrition Joint Stock Company (Eurofeed), an animal feeds manufacturer.
“The Zuellig and Aboitiz families have known each other for generations. I am excited about the partnership with Aboitiz Group, one of the largest and most established conglomerates in the region. The partnership will strengthen Gold Coin’s growth profile and long-term value creation potential”, said Peter Zuellig, Chairman of GSG.
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关于金钱集团
金钱集团于1953年在新加坡成立，是亚洲动物营养和科学均衡动物饲料生产的先驱。如今，金钱集团是本地区最大的私营农业综合企业之一，在 20 个生产基地拥有 3000 多名员工。金钱集团为畜牧业和水产业提供广泛的产品，包括幼畜和孵化饲料、预混料、浓缩料和配合饲料。在截至 2017 年 12 月 31 日的财政年度，金钱集团实现净收入 7.51 亿美元。
关于Golden Springs Group
Golden Springs Group 由 Peter Zuellig 创立，是一家活跃于新兴市场农业和医疗保健领域的企业。此外，Golden Springs Group还通过其联盟伙伴涉足医药产品分销领域。Golden Springs Group拥有 10,000 多名员工，每天为 30 多个国家的 50,000 多家客户提供食品和保健产品。
