Sat | Jun 25, 2022

VMIL acquires stake in food company Home Choice

Published:Wednesday | June 1, 2022 | 12:11 AM

VM Investments Limited, VMIL, has acquired a minority stake in food manufacturing company, Home Choice Enterprise Limited.

The price of the acquisition was not disclosed.

The equity injection will provide Portmore-based Home Choice with enough cash to gin up production to satisfy demand locally and in foreign markets.

The company founded by CEO Kareema Muncey has been in operation for 22 years.

The company started out producing pepper shrimp and later expanded into sauces, spices, soup mixes, juices, and condiments, including vienna sausages under the brand Halaal.

“Over the years, the company has been able to grow without taking on loans and this was only attainable through putting back our profits in the business. We are at a point now where vast expansion is needed to meet the demands of the local and international markets,” Muncey said.

The plans for expansion include the construction of a factory in Portmore, St Catherine, a project that would allow for additional volumes to supply local and foreign customers, plus excess capacity for the future addition of product lines.

Home Choice will also be developing a warehouse in St Elizabeth to store raw materials. Its the first manufacturing acquisition for VM Investments, and follows behind a deal with Republic Bank (Barbados) Limited to acquire 100 per cent shareholding in Republic Funds (Barbados) Inc. Closing of that deal is subject to regulatory approval in Jamaica and Barbados.

In 2019, VMIL acquired 30 per cent stake in Carilend, a fintech company engaged in online lending.

AP