Goddard Enterprises Limited (GEL) and Agostini’s Limited (AL) are pleased to advise our shareholders that we have agreed to the formation of a jointly-owned company, Caribbean Distribution Partners Limited (CDPL), into which will be transferred all of the companies in our respective groups in the Fast Moving Consumer Goods (FMCG) sector, in the countries noted below, with effect from July 1, 2015.
The companies to be transferred into CDPL are as follows:
Barbados: Hanschell Inniss Limited (100%)
St. Lucia: Peter & Company Limited (100%) and Bryden and Partners Limited (100%)
St. Vincent: Coreas Distribution Limited (100%)
Grenada: Independence Agencies Limited (55%)
Trinidad: Hand Arnold Trinidad Limited (100%)
Barbados: Facey Trading Limited (100%)
Guyana: Desinco Limited (40%)
CDPL will be 50/50 owned by the two Groups, and, based on an independent valuation by KPMG, AL will be required to pay GEL US$11.7 million, subject to a purchase price adjustment for the period between valuation and transfer. The CDPL companies will continue to operate in six regional markets with 2015 revenues of approximately US$230 million.
Both Groups have a long and successful history in the FMCG distribution sector and see the formation of this joint venture as an opportunity to further improve the products and service to our customers, and extend our distribution reach and marketing capabilities for our principals and proprietary brands.
GEL is a 94-year-old publicly traded conglomerate based in Barbados and AL is a Trinidad & Tobago 89-year-old publicly traded Group in the distribution and services sector.
For additional information on GEL and AL, visit our websites at www.goddardenterprisesltd.com and www.agostinislimited.com
May 27, 2015
A.C. Herbert J.P. Esau
Goddard Enterprises Limited Agostini’s Limited