In a transformative shift for Jamaica’s business landscape, Caribbean Producers Jamaica (CPJ) has been fully acquired by A.S. Bryden & Sons Holdings Limited (ASBH), marking the end of an era for the company’s co-founders, Anthony Mark Hart and Thomas “Tom” Tyler. ASBH has now cemented its dominant position in CPJ with the purchase of the final 30% stake for an eye-catching $2.69 billion (US$17.08 million), bringing its total ownership of CPJ to 75.28%.
Strategic Acquisition Drives Expansion
The deal, which involved the transfer of 334,208,668 shares at a price of $8.05 per share, comes after ASBH’s initial investment in CPJ earlier in the year. With this acquisition, ASBH’s total commitment to CPJ reaches nearly $7.9 billion (US$50 million), significantly boosting the conglomerate’s presence in the Caribbean distribution sector.
This acquisition aligns with ASBH’s broader strategic focus on consolidating its regional footprint in the food, beverage, and hospitality industries. CPJ, renowned for its robust distribution network across hotels, resorts, and restaurants, will now serve as a key pillar in ASBH’s expansion plans throughout the Caribbean.
Executive Changes and New Vision
Following the acquisition, ASBH has restructured CPJ’s leadership. Nicholas Hospedales steps in as CEO, with Gerard Conyers managing the company’s St. Lucia operations. The composition of CPJ’s board has also been refreshed, with ASBH executives taking on prominent roles. Richard Pandohie assumes the position of chairman, and Tyler will continue as deputy chairman, ensuring that the transition to new ownership remains seamless.
Mark Hart and Candace Hart will remain involved in CPJ’s governance, providing continuity as the company moves forward under ASBH’s strategic direction.
The Road Ahead: Ensuring Growth and Compliance
ASBH plans to launch a mandatory takeover bid, as required by Jamaica Stock Exchange (JSE) regulations. Shareholders will be given an opportunity to sell their shares at prices consistent with the recent transactions by January 2025. ASBH has emphasized that it remains committed to CPJ’s public listing, ensuring ongoing regulatory compliance while pursuing its growth objectives.
A Powerful Regional Player Emerges
This acquisition represents ASBH’s second major regional move in 2024, following its purchase of a controlling interest in Stansfeld Scott (Barbados) Limited. Supported by its parent company Seprod Limited, which acquired ASBH in 2022, the conglomerate is now set to push consolidated revenues toward its ambitious goal of reaching US$1 billion by 2026.
Paul B. Scott, Chairman of Seprod, expressed his enthusiasm about CPJ’s integration into ASBH’s portfolio, stating:
“This acquisition is a game-changer for us. With CPJ’s established distribution network and the strength of ASBH’s regional operations, we are positioning ourselves for unprecedented growth and market leadership in the Caribbean.”
Farewell to Founders, Legacy Continues
For Mark Hart and Tom Tyler, this marks the conclusion of their leadership at CPJ after three decades of building the company into a key player in Jamaica’s hospitality sector. Their decision to sell reflects their confidence in ASBH’s ability to continue the company’s growth and success on a broader regional scale.
The acquisition will allow CPJ to expand its distribution reach and improve its operational capabilities, enhancing service offerings to its clients across the Caribbean. The legacy of Hart and Tyler lives on, now under the stewardship of ASBH, as CPJ embarks on an exciting new chapter in its corporate journey.
