Massy agrees to sell Massy Distribution (Jamaica)

THE Massy Group announced on February 3 that it signed a share purchase agreement with Caribbean Distribution Partners Limited (CDP) for the sale of 100 per cent of the shareholding of Massy Distribution (Jamaica) Limited.

The transaction will be completed subject to regulatory approvals, a press release said.

The sale of Massy Distribution (Jamaica) Ltd aligns with the Massy Group’s strategy to ensure each of the group’s businesses is best positioned to achieve its full potential.

“We believe that achieving success in Jamaica requires a fully integrated approach, with a combination of distribution and manufacturing and/or retail. While we have established a strong distribution presence in the market, the absence of at least one of the other two components, we believe limits our ability to develop the business to its fullest potential,” the group said.

The release said the group expects that Caribbean Distribution Partners, will build on the strong foundation established by the Massy Distribution (Jamaica) Ltd team and that this transition will bring even greater success to employees, partners, and customers.

Jamaica remains a key market for the Massy Group, “and we are committed to its growth and development.

Our US$140.5 million IGL acquisition in 2023 is the Group’s largest to date and demonstrates our confidence in the country’s economic and people potential.

We will continue to actively participate and invest in Jamaica, either through our business on the ground or through our local partnerships, serving communities across the island.

Massy Holdings Ltd is an investment holding company with three main investment portfolios: integrated retail, gas products and motor sand machines as well as a financial services line of business.

The Caribbean Distribution Partners (CDP) is a group of consumer products companies with a strong presence in the Caribbean. CDP is a joint venture company formed by Agostini’s Ltd (50 per cent), based in Trinidad, and Goddard Enterprises Ltd (50 per cent), based in Barbados. It is the holding company for the group’s consumer products companies.