AS Bryden acquires 44.8% stake in Jamaican company

AS Bryden Holdings Co (ASBH), the TT-based food, beverage, consumer and pharmaceutical company, has announced its acquisition of a major stake in Caribbean Producers (Jamaica) Ltd (CPJ), a Jamaican-based food and beverage distributor.

A media release said ASBH completed the acquisition of 44.8 per cent of the company.

The release added that Nicholas Hospedales, who previously led the food and grocery, premium beverage and operations units at ASBH, will be appointed CEO of CPJ.

CEO of ASBH Richard Pandohie will be appointed chairman and co-founder of CPJ and Tom Tyler will be appointed deputy chairman. He will also serve as a consultant to the company.

Directors Mark Hart and Candace Hart will also retain their roles.

ASBH directors Nicholas Scott, Michael Conyers and David Franco will be appointed as new directors, replacing Christopher Berry, Konrad Berry, Camille Shields, Frank O’Dowd and Mark Hall.

Hart said the two companies will grow significantly through their collaboration.

He expected that working together, the two companies would be able to expand their geographic footprint throughout the region.

"Over the last 30 years, CPJ has become the pre-eminent distributor of food and beverage products to hotels and resorts in Jamaica and beyond because of the talent and dedication of our team and the support of our loyal suppliers and customers," Hart said. "AS Byrden shares our values and culture and has a track record of building and supporting high-performing management teams."

In 2023, Seprod Ltd, a regional manufacturing and distribution company headquartered in Jamaica, acquired ASBH at $312.7 million, scooping up a 60 per cent share in the company.

Seprod said the acquisition would result in a company with combined annual revenues of more than $3.37 billion.

ASBH was valued at $267.9 million in 2022 when Seprod sought to acquire it. To fund the transaction, the company used a combination of a loan of $172.4 million and issued preference shares to the tune of TT$140.3 million.

Seprod has been in regional food manufacturing, distribution and agribusiness since the 1940s.

Its manufacturing base includes oils and margarine, wheat and corn milling, integrated dairy, biscuits and snacks.

It is also a part of the Musson Group of Companies, which is involved in manufacturing, insurance, information technology, logistics and real estate.