Mon | Sep 24, 2018

Wisynco coming to market with IPO

Published:Thursday | November 2, 2017 | 10:49 AM

The Wisynco Group will be going public with an initial public offering (IPO) after operating for more than 50 years as a private entity.

NCB Capital Markets has been engaged as arranger and broker for the transaction, with PricewaterhouseCoopers acting as financial advisors to the company.

According to William Mahfood, Chairman of the Wisynco Group, “the IPO will allow us to share the growth and success of our business with a wide cross-section of our customers and employees, especially following on the outpouring of wishes and support after the fire last year.”

With more than 350,000 square feet of warehouse space, 110,000 square feet of factory space and more than 700 sales-related full-time employees, Wisynco’s reach is so broad that it estimates the average Jamaican consumes a Wisynco-represented product at least once every two days.  

Mahfood said that for the Wisynco team and those who choose to become shareholders, exciting times are ahead.

“We are a proud Jamaican company with a deeply rooted commitment to the country’s development,” he was quoted as saying in a release issued a short while ago.  

“Our stated mission is to improve the lives of our people, which extends to all stakeholders, team members, customers, partners and now with the planned IPO, to fellow Jamaicans alike,” Mahfood said.

Founded in 1965 by the Mahfood family, West Indies Synthetic Company (WISYNCO)  began manufacturing ‘Iron Man’ water boots from a 6,000 square foot factory in Twickenham Park, St. Catherine. 

The company soon evolved to offer a full-range of footwear for men and children, the production of cups and containers and the distribution of imported beverages from Trinidad.

Today, Wisynco, the self-acclaimed “Innovators”, owns and manufactures a portfolio of beverages such as WATA, cranberry flavoured-WATA, BOOM Energy Drink and BIGGA Soft Drink.  

In addition to its owned brands, Wisynco is the exclusive local bottler for the Coca-Cola Company, as well as third-party beverage brands such as SqueezZ and Hawaiian Punch and also distributing for global giants such as  Red Bull, Tru Juice, Freshhh, Kellogg’s, General Mills, Nestlé and others.

A rapidly-growing company, Wisynco has increased sales significantly in recent years moving from J$12.6 billion in 2013 to J$21.2 billion in 2017.

Over the last five years the company’s year-to-year sales growth has ranged between nine and 21 per cent with a compound annual growth rate of 11.06 per cent over the same period.

The business also boasts strong gross profit margins, averaging approximately 36 per cent since 2012.