Proven buys stake in party company
Proven Investments Limited (PIL) has acquired a 20 per cent stake in events company Dream Entertainment Limited, adding a new line to the company’s portfolio of assets that is largely focused on investment, real estate, and microfinance in Jamaica and banking in St Lucia.
The terms of the transaction were not disclosed.
The purchase price is “confidential”, said Christopher Williams, CEO of Proven Management, the company that manages PIL. Proven’s Head of Treasury and Corporate Finance Christopher Yeung has been appointed to the event company’s board.
Dream Entertainment hosts a series of parties, including its annual Dream Weekend events in Negril. The company, managed by Scott Dunn, recently started Xodus carnival band, which includes its own group of parties and costumes for the soca season, in partnership with one of Trinidad’s premier carnival bands, YUMA – Young Upwardly Moving Adults.
“We have seen the impact that Dream, through its entertainment brands, has had on our economy, and we are proponents of the multiplier effects the entertainment business has brought to tourism and the Jamaican economy. This is another of our investments that supports a diversified revenue stream, and we look forward to realising the success of this enterprising partnership,” said Williams.
Proven disclosed the acquisition at the release of its third-quarter results for the period ending December 2018.
“Having a partner such as Proven shows the stern nature of our business and solidifies our team’s efforts in ensuring that we not only remain relevant within the industry but viable in our business’ performance. We look forward to this partnership,” Dunn said.
Proven Investments made a net profit of US$2.9 million in the quarter, up 25 per cent year over year. Its earnings over nine months increased from $7.77 million to US$8.78 million.