Sun | Oct 25, 2020

Portland increases stake in Chukka holding company

Published:Friday | June 22, 2018 | 12:00 AM

Portland Caribbean Fund II, which is managed by Portland Private Equity, has acquired additional shares in Diverze Assets Inc, the holding company for Chukka and Tropical Batteries, owned by the Melville family.

Portland JSX Limited, another company controlled by Michael Lee-Chin, disclosed in its newly released annual report that it participated in the transaction, which was completed in the March quarter, and that its share of the investment was US$271,958.

Diverze holds a 40 per cent stake in Chukka Caribbean Adventure Limited; 100 per cent of Tropical Batteries Company Limited; and 100 per cent of Diverze Properties Limited.

Last year June, Diverze received US$8 million of financing from Portland in a deal structured to allow Portland to make additional investments in the company.

Portland Caribbean Fund II raised US$200 million in 2016 for investments across the region. As at March 2018, the fund had completed seven investments in seven companies.

The investments include Diverze, at least US$8 million; CVBI, a company associated with Liberty Global, US$30 million; IEH Penonome Holdings, US$15 million; Clarien Group Limited, US$10 million; InterEnergy Holdings, US$25 million; Grupo IGA, US$17 million; and Productive Business Solutions at US$15 million.

Portland JSX is a limited partner in Fund II and a listed company on the Jamaica Stock Exchange since 2016.