Trinidadian company Agostini Limited has announced that it has entered a share purchase agreement with Massy Group to acquire 100 per cent of pharmaceutical and consumer distribution company Massy Distribution (Jamaica) Limited (MDJL) through its subsidiary Caribbean Distribution Partners Ltd (CDP).

In a notice on the Trinidad and Tobago Stock Exchange Agostini stated, “This acquisition is strategic to the regional expansion of our group’s consumer products and pharmaceutical businesses.”

“This transaction is subject to regulatory approvals and the completion of the due diligence process. We will make a further announcement once the transaction is completed.”

A Trinidad Daily Express article quotes Massy Group as saying MDJL’s sale is aligned with its strategy to guarantee the group’s businesses are best positioned to achieve their full potential.

“We believe that achieving success in Jamaica requires a fully integrated approach, with a combination of distribution and manufacturing and/or retail. While we have established a strong distribution presence in the market, the absence of at least one of the other two components, we believe, limits our ability to develop the business to its fullest potential,” the regional conglomerate stated.

Moreover, Massy Group anticipates that CDP will build on the “strong foundation” the MDJL team has laid, and that the transition will bring even greater success to its employees, partners, and customers.