Jamaica Producers Group paid US$4.89 million (J$421 million) for its 62 per cent stake in popular rum cake brand, Tortuga International Holdings, the company disclosed.
Producers expects to start profiting from the investment in year one of the acquisition, which was finalised in January 2012.
The acquisition price values Tortuga International at US$7.9 million. The deal gave JP majority ownership of the company and the brand founded by husband-and-wife team, Robert and Carlene Hamaty.
Tortuga, which specialises in cakes and rum, operates production facilities in Barbados, Cayman and Jamaica. It maintains a distribution outlet in South Florida and has a franchise operation in The Bahamas.
The acquisition aims to double Tortuga's annual revenues currently at some US$10 million via the aggressive exploitation of the cruise passenger market.
JP has a net worth of J$4.79 billion, which reflects a two per cent decline year on year, mainly due to depreciation of the euro relative to the Jamaican dollar and its impact on the valuation of JPs European assets.