On February 1st 2023, the Massy Group will celebrate its 100th anniversary with Gervase Warner, President and Group CEO, Massy Group announcing a new global vision for the company.
“Consistent with its new vision, the Group and its portfolios are now setting their sights on global expansion. Having narrowed the Group’s focus to its three main portfolios in which the Group has distinctive operating capabilities and significant scale and having divested the equivalent of US$271 million of non-core and under-performing assets, the Group is well positioned to pursue global expansion. In each of our main portfolios, we are finding opportunities to acquire private, independently run businesses in most countries we examine. The combination of our ability to further invest in these businesses, with our approach to listening to and empowering existing management, and our deep understanding of the fundamentals of running these businesses, allows us to grow and improve the operations of these acquisitions and produce more than satisfactory returns on our investments,” Mr Warner explained.
In December 2022, Massy announced three major acquisitions in pursuit of its global ambitions with continued focus on its three main investment portfolios: Integrated Retail, Gas Products and Motors and Machines. Massy first announced its US$47 million acquisition of Rowe’s IGA supermarkets in Jacksonville, Florida. In January 2023, Rowe’s IGA won IGA’s “Global Grocer of the Year 2022” award for its Bay Meadows store out of over 4,000 independent grocery chains operating in 30 countries around the world. Massy later announced the US$57 million proposed acquisition of Air Liquide’s industrial gas operation in Trinidad, facilitating backward integration into the lowest cost supply of oxygen, nitrogen and argon gases in the region. Further, Massy announced the US$140 million acquisition of the IGL LPG and industrial gases business in Jamaica, which is pending Jamaica’s Fair Trading Commission’s (FTC) approval.
“As a disciplined Investment Holding Company, great attention from both the board and the executives will be placed on ensuring the capture of the accretive value identified by these transactions,” noted EVP and Acting Group CFO, Vaughn Martin who is also the Executive Chairman of the Gas Products Portfolio.
Celebrating Our 100-Year Anniversary
Founded in 1923, the Massy Group has long been a part of the Caribbean story. February 1, 2023, marks 100 years in operation. We are very much committed to Barbados as we continue to grow and invest in the country with the support of over 1,600 employees. We also acknowledge the strong legacy with some of our businesses in Barbados that have been around for even more than 100 years! We may not have all started these 100 years together, but we are certainly all going forward in the next 100 years together!
“As we embark on OUR100, everything we’re going to be undertaking is about telling the Massy story – not just the one that we’ve already written, but the one we’re writing right now, today. A narrative of the journey we took to get here, the lessons we’ve learned along the way, our successes, the mistakes we’ve made and how they’ve helped us grow. A story of collective wisdom that echoes the story of the Caribbean, shaped by comings and goings and a process of maturing into the realization of the power of our shared experiences.”
“We are, of course, incredibly proud of our 100 years of building brick by determined brick; of adapting to adversity time and time again, all the while keeping people at the heart of our journey,” continued Warner, “This new vision is aptly timed as we begin our global expansion efforts, while maintaining the same values that we as Caribbean people cherish.”
“We have seen that our approach of love and care, tapping into our Caribbean heart, results in stronger engagement and leads to greater prosperity for all. We’ve seen the impact the Group’s prosperity creates through our Foundations in Trinidad and Barbados, and hopefully soon in our other territories. We’ve seen the impact of our Nudge social enterprise, which now supports thriving small businesses across three (3) markets. Imagine the impact of these and more programmes at 10, 20, or even 100 times our current scale. Our ambitions and goals are many, but at the core of it, what we value most is being a people-centred company; more precisely – being a people-centred company with this Caribbean heart.
“As the year continues, we will announce a number of impactful initiatives that we intend to roll out over the next three years,” stated Warner. “We recognise that as a company, we are uniquely placed to truly create transformational change in the lives of everyday Caribbean people. Far from being an obligation, we see this as an earned privilege and a momentous opportunity, and we are excited to further be a part of the Caribbean’s growth.” (PR)
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