Jamaican distribution giant, Derrimon Trading Limited is confirming the purchase price of J$932-million St Ann-based food processor Arosa Limited.
The deal was closed on April 6, 2022, in which Derrimon acquired 100 per cent of Arosa, which is known for producing quality local beef cuts as well as processed meats such as sausages and bacon. The company is also involved in the distribution of fine European food, liquor and equipment for the hospitality and food service segment.
Earlier this week, Derrimon gave the Jamaica Stock Exchange (JSE), where its shares are traded, further insight into the disclosure of the sale, which was made on April 7, 2021. Arosa, a 36-year-old company was sold by its owners Robert Hoehener and Herma Grant.
Derrimon CEO and chairman, Derrick Cotterell, highlighted that the deal will give Derrimon full ownership of the manufacturing and meat processing company. He stated that Derrimon is taking over the baton from Hoehener, who will still be with the company for many more years, teaching the business.
The acquisition will see former commercial manager at Derrimon Trading, Stewart Jacobs, appointed as the new Arosa general manager. Derrimon, at the signing, assured that all current Arosa employees will remain employed and the expansion of the company will require a further increase in staff in the near future.
Existing principals, Robert Hoehener and Herma Grant, will remain a part of the team and will play a critical role in the business going forward. Group chief financial officer at Derrimon, Ian Kelly said this latest acquisition is a part of Derrimon’s long-term strategy for diversification and growth in the distribution and manufacturing space.
Derrimon intends to invest significant capital to boost the production capacity of Arosa’s current plant and expand the brand across Jamaica and future export markets. Earlier this year, Derrimon acquired 100 per cent ownership of Spicy Hill Farms, a deal which took effect on January 10, 2022.
The Spicy Hill line of products includes Ram Goat Soup ‘Mannish Water’ and is distributed in over 200 local retail outlets and stores in the United States, Canada, United Kingdom and the Caribbean.