A.S. Bryden acquires 44.8% stake in premium food and beverage distributor
Seprod’s Trinidad and Tobago-based subsidiary, A.S. Bryden and Sons Holdings Limited (ASBH), has acquired a 44.8 per cent stake in Caribbean Producers Jamaica (CPJ), making it the largest shareholder in the premium food and beverage distributor serving hotels and resorts in Jamaica and St Lucia.
Nicholas Scott, director of A.S. Bryden, indicated the regional distributor’s intention to continue making additional purchases of CPJ shares and ultimately gain control.
“This investment is consistent with ASBH’s strategy of expanding our business regionally, said Scott. “We intend to continue to make additional purchases of CPJ shares in the future with the objective of ultimately acquiring control.”
Scott said A.S. Bryden will make additional disclosures if this occurs in accordance with applicable regulations.
The acquisition surpasses 20 per cent of CPJ’s issued share capital, in line with the Jamaica Stock Exchange’s General Principles relating to take-overs and mergers and the applicable securities regulations in Jamaica.
“A.S. Bryden’s strategic investment in CPJ will give it additional scale and expand our geographic footprint beyond Trinidad, Barbados, and Guyana to now include Jamaica and St. Lucia,” noted P.B. Scott, Chairman of ASBH. He added that this move will provide ASBH with new capabilities to serve the hotel, resort, and restaurant channels and give its business access to hard currency earnings.
Richard Pandohie, A.S. Bryden’s CEO, will take over as chairman, replacing CPJ’s co-founder Mark Hart. Tom Tyler, another CPJ founder, will be appointed deputy chairman and will serve as a consultant focusing on customer and supplier relationships and business development opportunities.
Mark Hart and Candace Hart will remain as directors of CPJ.
Commenting on the changeover, Mark Hart said A.S. Bryden shares CPJ’s values and culture and has a track record of building and supporting high-performing management teams.
“I look forward to working closely with A.S. Bryden and supporting Nicholas and Richard in the next stage of CPJ’s journey,” Hart said.
Hart noted: “Over the last 30 years, CPJ has become the preeminent 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.”
Nicholas Hospedales will be appointed CEO of CPJ. Hospedales is a senior executive at ASBH, having previously led its food and grocery, premium beverage, and operations units over the last decade. He has also held various regional leadership roles at Nestle.
In addition to Pandohie and Hospedales, ASBH directors Nicholas Scott, Michael Conyers, and David Franco will be appointed new directors of CPJ, replacing Christopher Berry, Konrad Berry, Camille Shields, Frank O’Dowd, and Mark Hall, who will resign.
CPJ transitioned from the junior market to the main market of the JSE in June 2021 after breaching the $500-million share capital limit imposed on companies listed on that market. Seprod listed A.S. Bryden & Sons Holdings on the JSE in November 2023 by introduction, meaning none of the shares were offered to other investors for subscriptio
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