PORT OF SPAIN, Trinidad – The Jamaica-based manufacturer and distributor, Seprod, says it has reached an agreement to acquire AS Bryden & Sons Holdings, one of Trinidad and Tobago’s leading privately owned consumer products distributors.
Image courtesy of Seprod.“Together Seprod and AS Bryden, with a team of close to 3,000 employees, 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,” Seprod said in a statement.
The two companies will continue to operate as an independent, standalone entities and its three subsidiaries will continue to be managed by their existing executive teams.
Seprod’s chief executive officer, Richard Pandohie, will serve as interim Group chief executive officer of AS Bryden.
“Seprod shares many of AS Bryden’s core values. I am confident that Seprod will maintain AS Bryden’s culture and identity and build on our proud history by investing in our people and our businesses,” said outgoing AS Bryden chairman, Ian Fitzwilliam.
“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.”
AS Bryden, which was founded in 1923, distributes food, pharmaceuticals, hardware, houseware and industrial equipment.
The cost of the acquisition has not been disclosed, but the Trinidad Express newspaper reported Thursday that the acquisition was partially financed by a US$25.4 million bond issue.
It said the two-year bond issue is unsecured, pays an interest rate of six percent, has a bullet payment in May 2024 and was issued on Wednesday.
Seprod is listed on the Jamaica Stock Exchange. It represents leading global and regional principals and also has a significant manufacturing base spanning oils and margarine, wheat and corn milling, integrated dairy and biscuits and snacks.
“Seprod has always considered that CARICOM should operate as a single domestic market. This acquisition will allow AS 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,” said Pandohie.
