Jul 2017 Financial News

GraceKennedy Limited - GKC to acquire Consumer Brands Ltd

Jul 10, 2017

News Release
GraceKennedy Ltd to acquire Consumer Brands Ltd

[Kingston, Jamaica July 7, 2017] GraceKennedy Limited today announced that it has agreed to acquire 100 percent ownership of Consumer Brands Limited, a large player in the Jamaican distribution market. The acquisition is expected to be finalized before the end of Q3 2017.

Among the brands distributed by Consumer Brands is the Procter and Gamble (P&G) line of products which the company has distributed in Jamaica since 1992. Consumer Brands also distributes products for ten other international and local principals through chain and independent supermarkets, wholesalers, pharmacies, beauty supply outlets and convenience stores. With sales of over $2 billion annually, the company has consistently achieved significant
annual revenue growth since its establishment.

"This valuable portfolio of brands brings welcomed expansion to the range of products that we distribute in Jamaica. Our expertise in managing top tier brands and deep distribution channels make us a natural fit for this acquisition and we expect the products to continue to perform very well," said Don Wehby, Group CEO of GraceKennedy.

Consumer Brands will become a subsidiary of the GraceKennedy Group under GraceKennedy Foods. Athol Smith, who has been Managing Director of Consumer Brands, will remain with the company as an advisor during the transition period.

P&G brands are some of the most recognizable international fast moving consumer goods with household names such as Charmin, Bounty, Ariel, Downy, Tide, Always, Tampax, Pampers, Febreze, Crest and Olay among its products.

“We are very excited about this acquisition and look forward to working with P&G and all other stakeholders,” Mr. Wehby said.

Contact:
Klao Bell Lewis
Head of Corporate Communications
Tel. (876) 809-1121
klao.bell-lewis@gkco.com

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday July 10, 2017