I Squared Capital, a leading independent global infrastructure investment manager, announced today that it has agreed to acquire a controlling stake in Royale Cold Storage (“RCS”), a leading cold storage operator in the Philippines.
This investment is the first step in I Squared’s strategy to build a leading institutional cold storage platform in the Philippines. RCS operates five strategically located cold storage facilities that serve as key distribution hubs for Metro Manila and surrounding provinces, supporting a blue-chip client base across quick service restaurants (QSRs), meat processors, agriculture, and food retail.
“RCS is not only a premier operator, but also a trusted cold storage partner to many of the Philippines' leading food companies,” said Harsh Agrawal, Senior Partner at I Squared. “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.”
“We look forward to our partnership with I Squared Capital as we enter our next phase of growth. 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 Joey Tongson, CEO of RCS.
The cold storage sector in the Philippines benefits from strong macro tailwinds including population growth, rapid urbanization, and maturing consumer preferences. These trends are fueling an increasing need for food security through reliable cold chain infrastructure. Taken together, these factors are expected to drive double digit annual growth in the sector over the next decade.
This investment marks the continued expansion of I Squared Capital’s global cold storage strategy, building on its experience from CubeCold in Europe and WOW Logistics in the U.S. The closing is subject to certain customary conditions, including anti-trust clearance in the Philippines.
About I Squared
I Squared Capital is a leading global infrastructure investor managing $45 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our portfolio includes over 90 companies operating in 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.
About Royale Cold Storage
Royale Cold Storage (“RCS”) is a leading cold chain solutions provider in the Philippines. Through its network of state-of-the art facilities with 100,000 pallet positions, RCS delivers a full suite of temperature-controlled services, including cold storage, blast-freezing, and warehouse management. With a strong commitment to operational excellence, the company plays a critical role in protecting product quality and supporting the Philippines cold chain infrastructure.
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