Goddard seeks buyout of Panama company

If its efforts are successful, local conglomerate Goddard Enterprises Limited (GEL) will be expanding its footprint in Central America through a massive $80 million acquisition bid.

GEL has informed shareholders and regulators that it wants to take over a meals company that operates in the Tocumen International Airport in Panama City, Panama.

GEL, which is celebrating its centenary in business, has proposed a US$40 million deal to acquire the Panamanian company called IMC Caribbean Holdings Corporation which is the sole shareholder of International Meal Company Panama (IMC Panama).

GEL is seeking to close the acquisition through its subsidiary Goddard Catering Group Inc, and if successful, the Barbados-headquartered conglomerate will expand its dominance in the airline catering business for which it has a strong footprint.

In a recently published notice of the planned transaction, GEL’s chief executive officer Anthony Ali noted: “GEL is looking forward to the acceptance of our bid to acquire the International Meal Company in Panama, as it would connect us with a vital hub in Central America and it would be a major focal point for trade.

“The company has much experience, and we are looking forward to working with the team there and to building on our successes to date.”

Tocumen International Airport is the primary international airport serving Panama’s capital city. It also serves as the homebase for Copa Airlines and is a regional hub to and from The Caribbean, South, North and Central America. Additionally, it is a gateway for routes to some European and Asian cities.

In 2019 the airport completed phase one of construction of its second terminal. The 85,000 square feet facility comprises four levels and was completed in response to a significant increase in passenger growth at the airport. (IMC1)