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% of the shareholding of Massy Distribution (Jamaica) Limited.
• “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 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$140.5Mn 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.”
• 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%), based in Trinidad, and Goddard Enterprises Ltd (50%), based in Barbados. It is the holding company for the group’s consumer products companies.

(Source: Trinidad and Tobago Newsday)