In a landmark transaction that reshapes Jamaica’s business landscape, Anthony Mark Hart and Thomas “Tom” Tyler, co-founders of Caribbean Producers (Jamaica) Limited (CPJ), have officially ceded their remaining 30% stake in the company. The buyer, A.S. Bryden & Sons Holdings Limited (ASBH), acquired the shares for an impressive $2.69 billion (US$17.08 million), solidifying its position as the majority stakeholder with 75.28% ownership of CPJ.
The sale, executed in three transactions at $8.05 per share, saw Tyler and Hart’s holding companies, Sportswear Producers Limited and Wave Trading Limited, divesting 334,208,668 shares. This move follows earlier share transfers to ASBH in July, bringing the conglomerate’s total investment in CPJ to nearly $7.9 billion (US$50 million).
New Leadership and Strategic Realignments
As part of the acquisition, ASBH has implemented substantial changes at CPJ. Nicholas Hospedales now serves as CEO, with Gerard Conyers managing CPJ’s St. Lucia operations. Additionally, the CPJ board has been overhauled, featuring key ASBH executives, including Richard Pandohie as chairman and Tyler as deputy chairman. Mark and Candace Hart also remain on the board, ensuring continuity during the transition.
This acquisition aligns with ASBH’s strategy to integrate CPJ into its broader portfolio. CPJ will now operate within ASBH’s financial calendar, with its fiscal year adjusted to December 31. The move reflects ASBH’s ambition to expand its reach and leverage CPJ’s robust distribution network for hotels, resorts, and restaurants across the Caribbean.
Regulatory Steps and Future Outlook
ASBH has announced plans for a mandatory takeover bid, adhering to Jamaica Stock Exchange (JSE) rules. Shareholders holding CPJ stock can expect a formal offer by January 5, 2025, at prices reflecting recent transactions. ASBH has emphasized its commitment to maintaining CPJ’s status as a listed entity, balancing regulatory compliance with growth ambitions.
A Regional Powerhouse in the Making
The CPJ acquisition marks ASBH’s second major move in 2024, following its acquisition of a 55% stake in Stansfeld Scott (Barbados) Limited. Backed by Seprod Limited, which acquired ASBH in 2022, the company aims to drive consolidated revenues to US$1 billion by 2026.
Seprod Chairman Paul B. Scott expressed optimism about CPJ’s integration into the Brydens Group, stating:
“With access to greater resources and a regional platform, CPJ is poised for transformative growth. This acquisition underscores our commitment to being the leading distributor of food and premium beverages in the Caribbean.”
A Legacy Passed On
After three decades of leading CPJ to prominence in Jamaica’s hospitality sector, Mark Hart and Tom Tyler’s exit symbolizes the passing of a torch. Their decision to sell reflects confidence in ASBH’s capacity to build on CPJ’s legacy, ensuring its continued success on a larger stage.
As CPJ embarks on this new chapter, the Caribbean’s hospitality industry stands to benefit from enhanced distribution capabilities, streamlined operations, and the strategic vision of a regional conglomerate with bold ambitions.
