MANILA, Philippines — Global asset management company Black River is acquiring a 28.11 percent stake in listed AgriNurture, Inc. (ANI) for $30.45 million.

In a disclosure to the Philippine Stock Exchange, ANI said it has received and accepted a term sheet from Black River Capital Partners Fund (Food), LP; a fund which is managed by Black River Asset Management, LLC.

Under the term sheet, Black River will still conduct a legal, tax, financial and ESG due diligence. The parties are given 60 days from September 30, 2011 within which to formalize the structure for Black River’s investment and execute the formal and binding agreements.

ANI recently invested P264 million to acquire a majority stake in fresh juice retail chain The Big Chill Inc. (TBC). ANI said it has signed a memorandum of agreement for the acquisition of 51 percent of TBC for P20 million.

TBC sells beverages and fruit products under the brands Big Chill, Fresh Bar, C’Verde and Canefusion with 20 branches nationwide.

ANI said that, after a due diligence review, it will also advance P244 million to TBC for the juice firm’s expansion, specifically to increase the number of stores to be operated by TBC and the products it will carry.

Within 30 days from the completion of the due diligence review, ANI has the option to convert the entire P244 million into shares of stock in TBC such that, after the conversion, ANI will own 80 percent of TBC’s capital stock. In the event that ABI decides not to convert its advances to TBC into equity, the P244 million will be paid by TBC within 12 months from June 30, 2012 with interest at four percent a year.