PORT OF SPAIN, Trinidad – The Jamaica-based manufacturer and distributor, Seprod, says it has agreed to acquire AS Bryden & Sons Holdings, one of Trinidad and Tobago’s leading privately-owned consumer products distributors.
“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 manufactured brands. Combined annual revenues are projected to be more than US$500 million,” Seprod said in a statement.
The two companies will continue to operate as an independent, standalone entity, 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 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, founded in 1923, distributes food, pharmaceuticals, hardware, housewares, and industrial equipment.
The acquisition cost has not been disclosed, but the Trinidad Express newspaper reported Thursday that a US$25.4 million bond issue partially financed the purchase.
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 principles and 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.
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