GraceKennedy to acquire Consumer Brands Limited
GraceKennedy Limited said it has agreed to acquire 100 per cent ownership of Consumer Brands Limited, a large player in the Jamaican distribution market.
The acquisition is expected to be finalized before the end of the third quarter of 2017, which is September.
Among the brands distributed by Consumer Brands is the Procter and Gamble line of products which the company has distributed in Jamaica since 1992.
Consumer Brands also distributes products for 10 other international and local principals through chain and independent supermarkets, wholesalers, pharmacies, beauty supply outlets and convenience stores.
With sales of more than $2 billion annually, the company has consistently achieved significant annual revenue growth since its establishment, GraceKennedy said in a release.
"This valuable portfolio of brands brings welcomed expansion to the range of products that we distribute in Jamaica,” said Group Chief Executive Officer of GraceKennedy, Don Wehby.
“Our expertise in managing top tier brands and deep distribution channels make us a natural fit for this acquisition and we expect the products to continue to perform very
well," he added.
Consumer Brands will become a subsidiary of the GraceKennedy Group under GraceKennedy Foods.
Athol Smith, who has been Managing Director of Consumer Brands, will remain with the company as an advisor during the transition period.
Proctor and Gamble brands are some of the most recognizable international fast moving consumer goods with household names such as Charmin, Bounty, Ariel, Downy, Tide, Always, Tampax, Pampers, Febreze, Crest, and Olay among its products.