JP GROUP ANNOUNCES PARTNERSHIP WITH WISYNCO GROUP
(Kingston, Jamaica) Jamaica Producers Group Limited (JP) and Wisynco Group Limited (Wisynco) announced today, that Wisynco will be acquiring a 30 percent stake in JP Snacks Caribbean Limited (‘JP Snacks’), a subsidiary of JP and a holding company that will own the “JP St. Mary’s” brand and snack manufacturing operations. JP will hold the remaining 70 percent of JP Snacks. The deal will also see the parties working together to improve distribution arrangements for JP St. Mary’s snacks globally. According to the Chief Executive Officer of the Jamaica Producers Group, Mr. Jeffrey Hall, both Wisynco and Jamaica Producers have excellent records of success in Jamaican businesses. “Both JP and Wisynco have an excellent track record for investing in and building strong, productive businesses. We look forward to working together with Wisynco, to build on the JP St. Mary’s business in Jamaica but also globally.”
Mr. William Mahfood, Chairman of Wisynco Group Limited highlighted that both companies shared similar values. “Wisynco seeks partners that share our values. We have done this very successfully in Jamaica. With JP and the JP St. Mary’s brand, we believe that we can replicate this success on a regional scale while we increase and strengthen the distribution in Jamaica of the high-quality JP Snack Portfolio. We look forward to working with the JP team to achieve this goal.”
The goal of the partnership is to bring to consumers in Jamaica and internationally, a wide range of innovative Caribbean snacks and tropical foods. Wisynco will bring to the partnership, their expertise in marketing, manufacturing and importantly, their best in class Jamaican distribution network. The deal values JP Snacks at J$2.4 billion and sees Wisynco investing J$720 million for a 30 percent interest.
JP Snacks will have its primary manufacturing operations in the Dominican Republic. The business will seek to strengthen distribution in existing markets in Jamaica, the Caribbean the USA, Canada, the UK and Central America, in addition to seeking new markets. JP St. Mary’s snacks will be the flagship product line of JP Snacks through its banana, plantain, cassava and breadfruit chips, as well as similar product lines for the Spanish language markets.
Jamaica Producers Group is a Jamaican-owned multinational, with its primary businesses in food and logistics. JP owns and operates the market leading fresh juice manufacturer supplying Holland, Belgium, Scandinavia and other markets in Northern Europe. Through its Tortuga International subsidiary, the JP Group operates a Jamaica- based bakery that supplies Tortuga Rum Cake to over 15 countries. JP Group’s logistics interests include Kingston Wharves, the regional multi-purpose port and JP Shipping Services based in the UK. JP also owns JP Farms, Jamaica’s leading banana farm, which is the largest private sector employer in St. Mary, Jamaica.
Wisynco Group Limited is the maker of WATA, CranWATA, BOOM Energy Drink and BIGGA soft drinks. In addition to its owned brands, Wisynco is the exclusive local bottler for the Coca- Cola Company, as well as third-party beverage brands such as Squeezz and Hawaiian Punch and also distributes portfolios for Red Bull, Tru Juice & Freshhh, Dr. Pepper, Worthy Park Estate, Kellogg’s, General Mills, Nestlé and others.