Massy shells out US$244 million on three acquisitions

Since announcing its new expansion strategy, the Massy conglomerate has acquired three companies in the United States, Jamaica and Trinidad and Tobago.

This has been revealed by Robert Bermudez, chairman of the Port of Spain-headquartered group of companies in its published consolidated financial statements for the quarter ending December 31, 2022.

The Massy Group, which has significant holdings in Barbados and across the Caribbean, revealed it completed the buyout of Rowe’s IGA supermarkets in Jacksonville, Florida for US$47 million; Air Liquide’s operations in Trinidad for US$57 million and IGL Jamaica, a liquified petroleum gas company, for US$140 million.

Bermudez noted that the financing for the purchases came from a special fund the group established from the sale of non-core assets of the Massy Group including some in Barbados. The company currently has the iconic Dome building and mall at Warrens, St Michael up for sale.

According to the chairman: “With the start of the new financial year, we began to see some of the effects of the post-pandemic economic developments in the major countries in which we operate. All companies in Guyana reported significant profit before tax growth [28 per cent] from the first quarter of [financial year 2022] compared to the same period in [financial year 2023].”

The Massy operations in Guyana were described as very well positioned to benefit from that country’s oil exploration and production-led economy.

Massy in Barbados was also described as benefiting from the economic rebound the country is currently experiencing, with first quarter results showing “strong growth”.

According to Bermudez: “Like Barbados, Jamaica has seen a major rebound in its tourism industry in [the first quarter of 2023] and this has lifted volume sales and [profit before tax] in the gas products business, which drove the nine per cent before tax profit growth in Jamaica in the [first quarter of 2023].”

As the Massy Group celebrates its centenary, the chairman said the conglomerate’s leadership had learned many lessons along the way through its successes and mistakes, which have helped it to grow and shape the present company.

“We have seen that our approach of love and care, tapping into our Caribbean heart, with a disciplined focus on our three main portfolios, results in stronger engagement and leads to greater prosperity for all,” Bermudez told investors and other stakeholders.

Thanking past employees, management and current staff, he said the dedication and commitment of employees helped the company to survive the past 100 years and positioned it for growth for another 100.
(IMC1)