A.P. Moller Acquires 40% Stake in Ayala's AC Logistics

A.P. Moller Capital, the infrastructure fund manager affiliated with Denmark's A.P. Moller Holding, has completed the acquisition of a 40% stake in AC Logistics Holdings Corp., the logistics arm of Ayala Corporation. This partnership, formalized in a joint statement on July 7, aims to bolster AC Logistics' operations and support the development of supply chains in the Philippines.

The investment was executed through A.P. Moller’s Emerging Markets Infrastructure Fund II, following the satisfaction of all closing conditions, including necessary merger control clearances from the Philippine Competition Commission (PCC). The PCC assessed that the transaction would not significantly reduce competition within the freight and logistics sector, which remains highly fragmented, with numerous service providers engaged by customers.

“This partnership reflects Ayala’s long-standing strategy of working with world-class companies to scale our businesses, strengthen execution, and serve customers better.”Cezar P. Consing, President and CEO, Ayala Corporation

AC Logistics, founded in 2021, offers a range of supply chain services, including cold chain management, freight forwarding, national distribution, and contract logistics. The company operates a comprehensive network of distribution centers across the Philippines and maintains a fleet of temperature-controlled trucks, supported by an extensive agent network.

Erry Hardianto, President and CEO of AC Logistics, described the partnership as a major step in the company’s growth. He stated that together with A.P. Moller Capital and GMI, they are augmenting their scale, enhancing their capabilities, and expanding their reach across the country, enabling them to provide customers with seamless access to a more comprehensive and interconnected network of logistics nodes across the Philippines.

“The country’s geography and growth outlook create a clear need for more efficient, resilient, and integrated supply chains.”Lars Reno Jakobsen, Senior Partner, A.P. Moller Capital

In conjunction with this investment, AC Logistics has also acquired an 84% stake in Glacier Megafridge, Inc. (GMI), further strengthening its cold chain logistics capabilities. The company plans to integrate GMI into its operations, focusing on achieving operational synergies and enhancing service delivery.

“The completion of these transactions marks a transformative step in building a leading integrated logistics platform in the Philippines.”Erry Hardianto, President and CEO, AC Logistics

Lars Reno Jakobsen, Senior Partner at A.P. Moller Capital, emphasized the significant opportunities present in the Philippine logistics sector, noting that the country’s geography and growth outlook necessitate more efficient and resilient supply chains. He remarked that the firm sees an opportunity to support AC Logistics and Ayala Corporation in scaling a platform that can deliver sustainable long-term growth while contributing to the wider development of the sector in the Philippines.

The announcement of the stake acquisition coincided with a slight decline in Ayala Corporation's share price, which fell by 0.37%, closing at ₱485 ($8.55) on the Philippine Stock Exchange.