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Derrimon eyes synergistic acquisitions in New York jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.
Derrimon Trading chairman and CEO Derrick Cotterell.
Derrimon Trading Company Limited (DTL) has completed the transaction to acquire control of two New York-based food companies for US$8.9 million.
The company, in a notice via the Jamaica Stock Exchange (JSE) said it completed the transaction as a going concern on the terms set out in its announcement on January 8, 2021.
Derrimon has also advised that as of March 5, 2021, it redeemed all of its nine per cent cumulative redeemable preference shares due in 2021. To this end, it has applied to have the preference shares delisted from the JSE.
In January 2021, Derrimon Trading entered into the definitive agreement to acquire control of the Brooklyn-based operations of FoodSaver New York, Inc. (FoodSaver NY), a wholesale food distributor and Good Food For Less, LLC (Good Food NY), a speciality supermarket.
Derrimon Trading s chairman and CEO Derrick Cotterell (left) and a member of staff at one of the company s local facilities.
Derrimon Trading Company Limited says it has entered into an agreement to acquire control of a food distributor and supermarket in New York.
Led by CEO Derrick Cotterell, Derrimon has incorporated a New York subsidiary, Marnock LLC, which will acquire Brooklyn-based of FoodSaver New York Inc., a wholesale food distributor and Good Food For Less, LLC (Good Food NY), a specialty supermarket.
In a release issued on the Jamaica Stock Exchange (JSE) last week, Derrimon indicated that the consideration for these acquisitions would be in the form of both cash and shares with Marnock LLC issuing a 20 per cent minority interest to Oralcrys LLC, an entity beneficially controlled by the former owner-operator of those businesses.