Massy Distribution deal under competition review in Jamaica
Published:Friday | June 13, 2025 | 12:10 AMSteven Jackson - Senior Business Reporter
The sale of Massy Distribution Jamaica Limited to Caribbean Distribution Partners Limited, CDPL, is being assessed by the Fair Trading Commission.
The pharmaceutical and consumer products distributor is owned by Massy Holdings Limited of Trinidad & Tobago, while CDPL is a partnership of Goddard Enterprises Limited of Barbados and Agostini Limited of Trinidad, both of which already own assets in Jamaica. In the case of Agostini, the company entered Jamaica around two years ago, and the Massy deal would mark its second local acquisition.
The deal is currently undergoing its second phase of review by the FTC.
“This acquisition will extend and expand the operations of our group in the Jamaica market and present new growth and product expansion opportunities,” said Chairman of Agostini Limited Christian Mouttet in a statement in the company’s financials published last month.
In 2023, Agostini secured a J$2.8 billion loan from Scotiabank Jamaica for the purchase of Health Brands Limited, a pharmaceutical distribution company in Jamaica that was once known as Medi-Grace.
Over six months ending March 2025, Agostini recorded sales of revenue of TT$2.7 billion, TT$1 billion of which was generated by its pharmaceutical division. While the precise geographic breakdown was not disclosed, Agostini said in the financial report that it grew its Jamaican pharmaceutical business by double digits, even as other listed pharmaceutical firms in Jamaica faced flat revenue and declining earnings due to price hikes and competition.
“Integrating the operations into the rest of the group and successfully adding the Carlisle range of products in January 2024, which increased Health Brands’ business by 20 per cent, were important for this company during the past year,” Agostini said in its 2024 annual report.
The latest Goddard quarterly report only mentions that “it is currently awaiting regulatory approval” on the Massy deal.
Massy Distribution Jamaica was formerly known as H.D. Hopwood before its acquisition by the Massy Group in September 2001.
Massy Distribution Jamaica generated TT$396 million (US$58 million) in revenue in 2024, and accounted for four per cent of the total annual revenue of TT$9.9 billion from Massy’s retail division. The figure includes sales from consumer goods as well as pharmaceuticals.
Jamaica’s pharmaceutical market is projected to generate US$102.9 million in revenue in 2025, with an anticipated annual growth rate of 4.0 per cent, reaching US$120.5 million by 2029, according to Statista, an economic data analytics firm. Growth is expected to be driven by rising demand for oncology drugs, anti-diabetes medications, dermatological treatments, and other prescriptions, the report stated.
Jamaica’s Fair Trading Commission said the second phase of its review of the Massy deal is expected to extend to July, though adjustments may occur depending on response times from the parties, FTC Executive Director David Miller told the Financial Gleaner on Monday.
The FTC noted that the deal could reshape Jamaica’s pharmaceutical distribution landscape.
Massy Group operates various businesses in Jamaica. The deal with CDPL does not involve its energy and technology operations.
“The only impact is on drug distribution. This is the only overlapping market for the acquisition,” Miller said.
The FTC in its regular newsletter said that while CDPL does not currently operate in Jamaica, there would be “significant overlap” between Health Brands and Massy Distribution Jamaica.
“Both Health Brands and Massy Distribution Jamaica distribute a wide range of similar medical and pharmaceutical products, including treatments for gastrointestinal, respiratory, cardiovascular, and diabetic conditions,” the FTC said.