Jan 2025 Financial News

GraceKennedy Limited - Notice of Agreement to acquire 100% Ownership of Catherines Peak Bottling Company Limited

Jan 31, 2025

GraceKennedy (GK) Limited has come to an agreement with Spike Industries Limited to acquire its remaining 30% stake in Catherine's Peak Bottling Company Limited, giving GK 100% ownership of the company.

The transaction, which is subject to customary closing conditions, will see Catherine's Peak Bottling Company Limited, owner of the Catherine’s Peak spring water brand, become a wholly owned subsidiary of GraceKennedy.

Frank James, CEO of GK Foods – Domestic, commented "In recent years, GK has been strengthening our position in Jamaica's growing spring water market. This has included our 2021 acquisition of 876 Spring Water, our 2023 acquisition of Unibev, and the steady increase of our stake in Catherine's Peak.”

He explained, “Our acquisition of Catherine's Peak perfectly aligns with GK’s strategy to own leading Jamaican brands which deeply resonate with consumers and have significant global market potential, as we work towards achieving our vision of being the number one Caribbean brand in the world by 2030."

James also highlighted Catherine’s Peak’s strong market position and growth potential, stating that since GK’s initial investment in 2018, Catherine's Peak has been a key part of the GK Foods portfolio.

He added, “This acquisition is another significant step in our ambitious growth strategy for both Catherine’s Peak and our Food business. We are looking forward to introducing innovative products under the Catherine’s Peak brand and are actively exploring additional opportunities to expand our market reach. In keeping with these efforts, we are current finalizing plans to launch Catherine’s Peak exports to the Cayman Islands in 2025 and anticipate further growth into new territories in the future.”

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday 31st January, 2025