Caribbean Producers Jamaica Limited (CPJ) has entered into financial advisory and brokerage services agreements with Mayberry Investments Limited, the Montego Bay-based regional food distributor announced.

Mayberry Investments, the parent company of Mayberry Jamaican Equities Limited, is one of CPJ’s top 10 shareholders.

Under the terms of the agreement, Mayberry will provide financial advisory and brokerage services in respect of certain current business development and expansion opportunities for CPJ within Jamaica and the Caribbean.

Additionally, CPJ will have established a framework through which prospective projects will be financially assessed, structured, and financed. The food and wine distributor, regarded as the largest supplier of goods to the tourism and hospitality sector has been mooting regional expansion over the past year and this agreement with Mayberry is expected to fast-track those expansion plans.

CPJ runs its business across wholesale and distribution along with the manufacture and distribution of fresh juices and meats and currently operates in Jamaica and St Lucia. The expansion plans will be driven by strategic partnerships and acquisitions, aimed at strengthening revenues and rebounding from the fallout caused by the novel coronavirus pandemic over the past two years.

Pushing for growth

CPJ has been severely impacted by the pandemic, particularly given the fallouts in the hospitality market due to COVID-19.  However, the company’s recent upgrade of critical information technology systems, which were implemented during its downtime period, is creating efficiencies, which will significantly help to push its growth prospects.

The 27-year-old company, which has been listed on the stock market since 2011, has its sight set on acquiring an overseas company in the near term.

CPJ chairman Mark Hart confirmed last year, “We are considering acquiring another company and looking at going offshore in a very exciting destination to acquire a target. We decided to graduate after doing all that work to restructure the company.”

Hart added that, “this opportunity will require more capital and we will most likely be going out to the market at some point”.