Left to right: Manuel “Manny” Villar Jr., founder of PrimeWater Infrastructure Corp. (Photo from Manny Villar’s official Facebook page), and Lucio Co, founder and chair of Puregold Price Club Inc. (Photo from Cosco Capital Inc.)
MANILA — The Villar family has agreed to sell 100 percent of PrimeWater Infrastructure Corp. to Crystal Bridges Holding Corp., an investment vehicle of the Lucio Co group, transferring full ownership of the water utility company to the retail-led conglomerate.
The transaction, disclosed Tuesday, covers PrimeWater’s entire portfolio of water supply, wastewater, septage, and bulk water operations across the Philippines. Financial terms were not disclosed, and the companies did not announce a closing date.
PrimeWater was founded and owned by the Villar family, one of the Philippines’ most prominent business families, with interests spanning real estate, retail, and infrastructure. The sale marks the family’s divestment from the water utility sector.
PrimeWater’s operations
PrimeWater operates water and wastewater systems nationwide, primarily through joint venture agreements with local water districts. Over the past decade, the company has expanded its footprint across provincial and urbanizing areas.
Based on figures cited in business reporting, PrimeWater serves more than 1.7 million households and delivers approximately 500 million liters of water per day through partnerships with dozens of local water districts and local government units. These figures are drawn from company disclosures referenced in prior coverage.
Under the agreement, control of these operations will transfer to Crystal Bridges Holding Corp., subject to customary closing conditions.
The Villar family
The Villar family is led by Manuel “Manny” Villar Jr., a former Senate president and founder of Vista Land & Lifescapes, one of the country’s largest residential real estate developers. His wife, Sen. Cynthia Aguilar Villar, has served multiple terms in Congress, while their son, Mark Aguilar Villar, previously served as secretary of public works and highways and later as a senator.
Through their business group, the Villars have built a diversified portfolio that includes residential real estate, retail, lifestyle brands, and infrastructure-related ventures. PrimeWater was established as part of that broader business expansion.
The buyer: Lucio Co group
The buyer, Lucio Co, is the founder and chair of Puregold Price Club Inc., one of the Philippines’ largest supermarket chains, and a key investor in S&R Membership Shopping, a warehouse-style retail brand.
Through listed affiliates such as Cosco Capital Inc. and The Keepers Holdings Inc., the Lucio Co group has interests in retail, liquor distribution, real estate, banking, and other consumer-focused sectors. The acquisition of PrimeWater represents an expansion of the group’s investments into water utility operations.
Ownership transition
The companies did not disclose whether PrimeWater’s existing management team would remain in place following the transaction, nor did they outline operational changes. No timetable was provided for regulatory approvals or completion.
The deal concludes the Villar family’s ownership of PrimeWater and positions the Lucio Co group as the new owner of one of the country’s largest private-sector water utility operators.
