AGRINURTURE Inc. (ANI), a listed fruits and vegetables wholesaler and exporter, has finalized the acquisition of a 51-percent stake in beverage and food chain The Big Chill Inc. for P20 million.

With the acquisition, AgriNurture gains control of the company, which sells its products under the brands Big Chill, Fresh Bar, C’Verde and Canefusion across 40 branches.

AgriNurture, the only agribusiness firm listed in the bourse, is expanding its presence in the food retail market to further create new synergies with its core business growing and selling farm produce.  

AgriNurture said it plans to expand The Big Chill, saying in a stock exchange filing that it is set to “aggressively” grow the retailer’s network outside the Philippines using existing platforms in China, Australia and the US.

The Big Chill reported P13.88 million in sales and P9.96 million in profits last year.  

Once the expansion program starts to take effect, AgriNurture is projecting The Big Chill to hit P200.15 million and P128.1 million in sales and profits, respectively, in 2012.

The company earlier forged an agreement with Seattle’s Tully’s Coffee International to develop and launch Tully’s Coffee houses in the Philippines. The first Tully’s is expected to be opened next month in Bonifacio Global City, Taguig, with the company targeting to open about 50 outlets in three to four years.

ANI shares closed flat at P8.80 each on Tuesday.