Navegar, a Philippines-based private equity firm, is reportedly exiting local cold chain logistics company Royale Cold Storage while KKR-backed Pinnacle Towers is said to be selling a minority stake.
Navegar reportedly exiting Royale Cold Storage
Philippine-based private equity firm Navegar is exiting local cold chain logistics company Royale Cold Storage (RCS), according to a MergerMarket report.
The report states that RCS is planning to sell a minority stake that would facilitate Navegar’s departure. Navegar currently holds an estimated 30% stake in the company.
DealStreetAsia has reached out to Navegar for confirmation.
RCS, founded by Josephine Pangilinan, serves restaurant chains and other food processing companies. It offers mega-facilities, cold storage, warehouse management, blast freezing, and more.
The company has been in the cold chain business in the country since 2010.
Navegar, on the other hand, closed its second fund in 2020 with $197 million in total capital commitments, exceeding a $150 million target.
Pinnacle selling minority stake to expand in PH
Pinnacle Towers, the KKR-backed independent telecom tower operator in the Philippines, is said to be selling between 10% to 25% stake to expand its operations in the country, MergerMarket reported.
The minority stake being sold is a mix of primary and secondary shares, according to the report.
The move comes less than 10 months after KKR was said to be investing approximately $400 million to develop and acquire telecom towers in the Philippines through Pinnacle Towers.
KKR acquired a stake in Pinnacle Towers for an undisclosed amount in November 2020.
Pinnacle aims to build an independent telecom tower platform in the Philippines to help telecom firms meet the demand for reliable, data-rich, high-speed, and affordable connectivity.
In March last year, Pinnacle’s subsidiary Frontier Towers announced a deal that involved telco major PLDT selling 1,000 telecommunications towers for more than $200 million.
