Source: Jamaica Observer
PORT OF SPAIN, Trinidad – Seprod Limited on Wednesday announced that it has reached an agreement to acquire A.S. Bryden & Sons Holdings to create what it touts as the leading integrated manufacturing and distribution group in the Caribbean.
The transaction is expected to be completed by May 31, 2022, subject to regulatory approvals and other customary closing conditions.
According to a press release, with a team of close to 3,000 employees, Seprod and A.S. Bryden will serve the world’s leading food, pharmaceutical, premium beverage, hardware and industrial companies, with an expanded portfolio of their own manufactured brands.
Combined annual revenues are projected to be in excess of US$500 million.
A.S. Bryden will continue to operate as an independent, standalone company and its subsidiaries – A.S. Bryden & Sons (Trinidad) Limited, Bryden pi Limited, and F.T. Farfan Limited – will continue to be managed by their existing executive teams.
Richard Pandohie, CEO of Seprod, will serve as interim Group CEO of A.S. Bryden.
Speaking on the regional transaction, outgoing A.S. Bryden Chairman, Ian Fitzwilliam stated, “Seprod shares many of A.S. Bryden’s core values. I am confident that Seprod will maintain A.S. Bryden’s culture and identity and build on our proud history by investing in our people and our businesses. Seprod has a track-record of supporting and motivating high-performing management teams and has demonstrated a keen understanding of the local market. I’m delighted to be associated with the coming together of these two great Caribbean companies.”
Seprod Chairman, P.B. Scott, commented, “A.S. Bryden is an exceptional business run by outstanding people. We are privileged to be the stewards of A.S. Bryden’s heritage and to have the opportunity to work with its talented leadership team. I am excited about our ability to join forces and better serve our employees, customers and distribution partners at Seprod and A.S. Bryden.”
In the meantime, Pandohie noted that “Seprod has always considered that Caricom should operate as a single domestic market.
“This acquisition will allow A.S. Bryden and Seprod to take a quantum leap in creating a regional company, utilizing the best of our Caribbean people to create value-added synergies,” he said.