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.
General Manager of Barita Investments Paula Barclay.
Barita Investments Limited now owns 20 per cent of the issued and outstanding common shares of Derrimon Trading Limited (DTL).
The minority stake acquisition sees Derrimon becoming an associate company of Barita Investments Limited, Barita advised in a notice via the Jamaica Stock Exchange on Friday.
Derrimon is the owner and operator of the Sampars and Select Grocers supermarkets, among other holdings in the local and US markets.
“At Barita, we continuously seek out unique strategic opportunities to build shareholder value while balancing the interests of our clients, team members, and other key stakeholders, said Paula Barclay, General Manager of Barita Investments.
Derrimon aims to expand Sampars Cash and Carry, supermarkets 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.