Glacier Megafridge, the Philippines-based cold chain storage and logistics service provider, is in talks with potential investors for a stake sale, two sources familiar with the situation said.

The target is marketed at a multiple of 20x EBITDA and has been offered to several investors, including local strategics, the first source said. The stake sale would facilitate the exit of Glacier Megafridge’s private equity investor, Iklhas Capital, the second source said. The size of the stake on offer is unclear.

The Singapore headquartered, ASEAN-focused Ikhlas Capital invested USD 18m in the company for an undisclosed stake size in 2020.

In 2021, Glacier Megafridge formed a joint venture called GMAC Logitech Refrigeration Corp with AC Logistics and opened a refrigerated warehouse in Cagayan de Oro in the southern Philippines that has a capacity of up to 5,348 industrial pallets. AC Logistics is a unit of local conglomerate Ayala Corp [PSE:AC], which has been looking to acquire more cold chain assets as it aims to become the country’s biggest cold chain operator, Mergermarket reported in July 2023.

Glacier Megafridge and Iklhas Capital did not respond to requests for comment.

This Glacier Megafridge stake sale deal is one of the several cold chain sale processes in the Philippines. Mergermarket reported last month that a minority stake in Royale Cold Storage is being offered to investors, which could provide an exit for its PE investor Navegar. Mets Logistics reportedly received a PHP 7bn (USD 121m) investment from Singapore-based Growtheum Capital Partners.

The Cold Chain Association of the Philippines’ industry roadmap said that aside from Glacier Megafridge, the other large cold storage players in the country are Jentec Storage, Polar Bear Freezing and Storage Corp, Igloo Supply Chain Philippines, Vifel Ice Plant and Cold Storage, Mets Logistics, Koldstor Center Philippines, and Subzero Ice and Cold Storage.