SINGAPORE-BASED private equity firm Growtheum Capital Partners (GCP) will invest P7 billion in Mets Logistics, Inc. to help advance its expansion in the cold storage logistics sector in the Philippines, the local cold chain solutions provider said on Monday.

“This investment will further our expansion plans and help us enhance our cold chain logistics capabilities, providing greater value to our customers and stakeholders,” Mets Chairman and President Eduard Tio said in a statement.

Established in 2010, the Philippine-based cold chain solutions provider operates cold storage facilities nationwide with over 100,000 total pallet positions, the company said.

GCP will invest P7 billion in Mets, while another P500 million from Mets’ founder shareholders will also be invested in the company to fund its expansion plans, the company said.

The closing of the investments is pending regulatory approvals, with PwC Philippines serving as the financial, tax, and legal advisor.

“Both Mets and GCP are committed to driving sustainable growth and creating long-term value, with the vision to address the shortage of reliable and high-quality cold storage services in the country,” the company said.

Amit Kunal, managing partner at GCP, said Mets’ core business aligns with its investment strategy, which is to help fund companies operating in healthcare, financial services, education, digital services, and consumer sectors. — Ashley Erika O. Jose