US private equity firm I Squared buys Royale Cold Storage chain
Royale Cold Storage (RCS)
MANILA, Philippines — American private equity firm I Squared Capital has acquired a controlling stake in Royale Cold Storage (RCS), a leading operator in the Philippine cold chain sector, marking its initial move to build a nationwide institutional cold storage platform.
“RCS is not only a premier operator, but also a trusted cold storage partner to many of the Philippines’ leading food companies,” I Squared Senior Partner Harsh Agrawal said in a statement on Wednesday.
“Its strong national presence, long-standing customer relationships and scalable infrastructure make it an ideal platform to build a leading cold chain network across the country,” he added.
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The value of the deal was not disclosed.
For his part, RCS CEO Joey Tongson said they looked forward to the partnership with I Squared Capital as they enter the next phase of growth.
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Bringing global expertise
“Their global expertise in infrastructure and experience in cold storage will help us expand and enhance our capabilities and better serve the growing demand from the Philippines’ food and agriculture ecosystem,” said Tongson.
RCS operates five strategically located cold storage facilities serving Metro Manila and nearby provinces.
The company caters to a blue-chip roster of clients across quick service restaurants, meat processing, agriculture, and food retail — industries that depend on reliable cold chain infrastructure.
The acquisition comes amid rising demand for temperature-controlled logistics in the country, fueled by population growth, rapid urbanization and evolving consumer preferences.
