AS Bryden Targets Full Control of Caribbean Producers Jamaica
Deal News | Dec 07, 2024 | EIN
San Juan, Trinidad-based AS Bryden & Sons Holdings, a company majority owned by Jamaica's Seprod, has fortified its position in Caribbean Producers Jamaica (CPJ) by acquiring an additional 30.4% stake. This acquisition propels AS Bryden's ownership over the takeover threshold of 50% on the Jamaica Stock Exchange. Initially, AS Bryden had acquired a 44.8% stake in CPJ in July 2024, demonstrating its strategic interest in the company. Following the recent acquisition, AS Bryden is now required to extend a mandatory offer to all CPJ shareholders within 30 days, in accordance with the Jamaica Stock Exchange principles. AS Bryden’s chairman, PB Scott, highlights the company's commitment to expanding its presence as a leading distributor of food and beverages across Jamaica and the Caribbean. Seprod, which acquired AS Bryden in 2022, projects that the combination of AS Bryden with CPJ will culminate in a group with annual revenues exceeding US$500 million. AS Bryden's structure includes three main subsidiaries, focusing on food, healthcare, industrial supplies, and pharmaceuticals, thus enhancing CPJ's future capabilities and market reach.
Sectors
- Food and Beverage Distribution
- Private Equity
- Healthcare and Pharmaceuticals
Geography
- Jamaica – Caribbean Producers Jamaica (CPJ) is based in Jamaica, and the Jamaica Stock Exchange regulations are critical to the takeover bid.
- Trinidad and Tobago – AS Bryden & Sons Holdings is based in Trinidad, indicating the company's home market and operational base.
- Caribbean – AS Bryden aims to expand its presence throughout the Caribbean, leveraging CPJ to bolster regional distribution networks.
Industry
- Food and Beverage Distribution – The article revolves around AS Bryden & Sons Holdings expanding its stake in Caribbean Producers Jamaica, a company operating in the food and beverage sector.
- Private Equity – Seprod's majority ownership of AS Bryden showcases an investment strategy typical of private equity firms, aiming to optimize business operations and expand market reach.
- Healthcare and Pharmaceuticals – AS Bryden's subsidiary Bryden pi is involved in distributing healthcare and pharmaceutical products, which forms part of the company's diversified portfolio.
Financials
- US$500 million – Projected combined annual revenues of the group following the acquisition of AS Bryden by Seprod.
- 30.4% – Additional stake in CPJ acquired by AS Bryden to surpass 50% ownership.
- 44.8% – Initial stake acquired by AS Bryden in CPJ in July 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AS Bryden & Sons Holdings | Bidding Company | Company | Trinidad-based company majority owned by Seprod, engaged in a takeover bid for CPJ. |
| Caribbean Producers Jamaica (CPJ) | Target Company | Company | A Montego Bay-based distributor and manufacturer in the food and beverage sector. |
| Seprod | Owner of Bidding Company | Company | Majority owner of AS Bryden, a diversified company involved in acquiring AS Bryden in 2022. |
| PB Scott | Chairman of AS Bryden | Person | Chairman committed to expanding AS Bryden's market presence. |
| Nicholas Scott | Director of AS Bryden | Person | Director explaining the strategic rationale for the takeover bid. |