Seprod acquires T&t-based AS Bryden & Sons
The Seprod Group of Companies has entered into an agreement with Trinidad and Tobago-based AS Bryden & Sons holdings.
Though mum on the value of the acquisition, the Jamaican company said it will result in the creation of “the leading integrated manufacturing and distribution group in the Caribbean” with an expanded portfolio of their own manufactured brands. As such, Seprod has projected combined annual revenues will surpass US$500 million.
The combined entity will have a staff complement of 3,000 employees across its food, pharmaceutical, beverage, hardware and industrial subsidiary companies.
“Seprod has always considered that Caricom should operate as a single domestic market,” CEO of Seprod Group Richard Pandohie remarked.
“This acquisition will allow AS Bryden and Seprod to take a quantum leap in creating a regional company utilising the best of our Caribbean people and create value-added synergies,” he continued.
Pandohie will serve as the interim group chief executive officer of AS Bryden while AS Bryden continues operating as an independent, stand-alone company. The subsidiaries of AS Bryden — AS Bryden & Sons (Trinidad) Limited, Bryden pi Limited and FT Farfan Limited — will also maintain its executive management team.
In the meantime, both Seprod and AS Bryden anticipate wrapping the acquisition by the end of this month after receiving regulatory approvals and fulfilling customary closing conditions.
Commenting on the transaction, outgoing chairman of AS Bryden Ian Fitzwilliam said, “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.”
He added that Seprod has a history of supporting and motivating high-performance management teams and demonstrates a keen understanding of the Trinidadian market.
For his part, Seprod Chairman PB Scott pointed out that AS Bryden is an exceptional business because of its outstanding staff members.
“We are privileged to be the stewards of AS 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 AS Bryden,” Scott remarked.