Ayala’s Logistics arm completes acquisition of AIR21 Group
(L-R) Nona Torres, AC Logistics Chief Commercial Officer; Rene Almendras, AC Logistics President and CEO; Alberto Lina, AIR21 Holdings Inc. Chairman; Atty. Mannie Alcantara, Legal Counsel of AIR21 Holdings Inc. Brand and Reputation and Management Team file photo
August 30, 2022, MANILA – Ayala Corporation’s fully owned subsidiary, AC Logistics Holdings Corporation (AC Logistics), and Mr. Alberto D. Lina (ADL) reached financial close for the acquisition by AC Logistics of a 60% interest in AIR21 Holdings, Inc. (AHI). AHI has controlling interests in eight operating companies that include Airfreight 2100 Inc., Air 2100 Inc., U-Freight Philippines Inc., U-Ocean Inc., Cargohaus Inc., LGC Logistics Inc., Waste & Resources ManagementInc., and Integrated Waste ManagementInc. (AIR21 Group).
In November 2021, AC Logistics and ADL signed the Investment Agreement which governed the terms of the acquisition, subject to satisfaction of certain conditions precedent. On August 30, 2022, the parties concluded the transaction by signing the closing documents.
Ayala’s logistics journey started in 2018 when it launched Entrego Fulfillment Solutions, Inc. Since then, it has expanded from last-mile delivery to domestic freight forwarding, contract logistics, and warehouse operations. This initial foray into logistics led Ayala Corporation to further expand its presence in the logistics sector. The acquisition of AHI provides the Ayala Group with a more robust capability to provide logistics services across the entire supply chain, including door-to-door express delivery, multiple types of warehouse operations, management, and digitization, international and domestic freight forwarding, and waste management services.
“AC Logistics is a realization of Ayala’s commitment to creating shared value with our stakeholders. I have full confidence that the vision we created together with Mr. Lina will come to life through our teams’ shared experiences and unique expertise,” said Rene Almendras, President and CEO of AC Logistics.
The addition of the AIR21 Group to the AC Logistics portfolio, together with Entrego, creates synergies that can potentially generate greater operational efficiency and more efficient asset utilization. The combination of their respective capabilities puts the Ayala Group in a better position to provide technology-driven end-to-end logistics services that can help address some of the challenges related to pharma and healthcare aide access, food preservation, and proper waste management.
Backed by AIR21 Group’s decades of comprehensive experience in logistics and Ayala’s proven leadership and management expertise, AC Logistics takes a strong stance in providing customers with effective and sustainable end-to-end logistics services across the value chain.
“From our decades of service excellence in the logistics industry, the Lina Group has nurtured a family of talented and resilient experts who are committed to delivering delight to our loyal customers. We are extremely excited to partner with the AC Logistics team to grow to greater heights in the future,” said Alberto D. Lina, Chairman of AIR21 Holdings Inc.
AC Logistics was supported by its advisors BPI Capital Corporation, Villaraza & Angangco (V&A Law), and KPMG; AIR21 Group was supported by its advisor Fortman Cline Capital Markets Limited (FCCM). ###
