Derrimon Buys 49% of Caribbean Flavours

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On August 5, 2014, Derrimon Trading Company Limited acquired a 49 per cent shareholding in Caribbean Flavours and Fragrances Limited (CFF) valued at $121 million, representing a price of $2.75 per CFF share. CFF produces flavour concentrate and fragrances for the food, beverage, baking, confectionery and pharmaceutical industries. Derrimon Trading Company Limited is a major distributor of consumer goods to the Jamaican market since 1998.

The deal [. . .] forms part of Derrimon’s diversification strategy, Chairman Derrick Cotterel told Sunday Business. “It’s further diversification. Derrimon is going towards consumer and we are looking not to just reach Jamaica but also regionally because there are international stuff that we are looking to do,” he said, adding Derrimon is further looking to expand the customer bases of both entities.

[. . .] “The big issue is really diversification of our portfolio. We see it as a good investment and we think we can add some energy and muscle to the business and make it grow better and give shareholder better value,” he said. [. . .] The share transfer and shareholders agreement was broker by Mayberry Investments, which acts as investment adviser to both companies.

[. . .] Derrimon is a distributor of consumer goods to supermarkets and wholesalers islandwide.

“In executing its growth strategy over the years, Derrimon has configured partnerships with global distribution and manufacturing companies that has increased not only the range of products it distributes but also the number of global brands it represents,” the company noted in its release.

Other operations

In addition to its distribution business, the company also provides logistic support, warehouse storage rental, and operates cold-storage facilities as well as the Sampars Cash & Carry wholesale outfit. [. . .]

For full article, see http://jamaica-gleaner.com/gleaner/20140810/business/business3.html

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