Business
JAM | Feb 5, 2024

Derrimon inks US$13m financing deal with IDB Invest

/ Our Today

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Back (L-R) Monique Cotterell, Group Human Resources Director and Company Secretary, Derrimon Trading, and Robert Le Hunte, IDB Executive Director for the Caribbean, witness the signing of the IDB Invest partnership done by (front L to R) Ian Kelly, Group Chief Financial Officer, Derrimon Group, Derrick Cotterell, Group Chairman and CEO, Derrimon Group, James Scriven, Chief Executive Officer, IDB Invest, and Anton Edmunds, General Manager, Caribbean Country Department and Country, Representative, Jamaica, IDB (Photo: Contributed).

Derrimon Trading Company Limited (DTL), one of Jamaica’s leading distributors of consumer goods, has secured a US$13-million financing partnership with the investment arm of the Inter-American Development Bank (IDB).

Derrick Cotterell, chairman and group chief executive officer of Derrimon Trading Company Ltd, has highlighted the historical significance of working with a multilateral institution like IDB Invest on a transaction of this nature.

“This partnership is a testament to the strong foundation we have built over the past years and reinforces our commitment to excellence in trade financing, brand development, job creation, and green energy initiatives. Collaborating with IDB Invest is a historic milestone for us, and we are confident that it will significantly contribute to the growth and sustainability of our business,” Cotterell said.

Derrick Cotterell (L), group chairman and CEO, Derrimon Group, shares handshake with James Scriven, chief executive officer, IDB Invest, following the signing of the financing partnership (Photo: Contributed).

“Latin America and the Caribbean region is responsible for 40 per cent of the food traded worldwide. At IDB Invest, we are committed to working with companies like Derrimon in Jamaica to play a leading role in being part of the solution to global needs,” said James Scriven, CEO of IDB Invest.

The partnership is structured in three tranches and is expected to propel Derrimon toward achieving key initiatives focused on trade financing, brand building, employment generation, and green energy implementation.

Tranche I: A committed senior financing of up to US$3,000,000 to finance the implementation of solar panels, and modernisation of the company’s warehouse and distribution centre in Jamaica.

Tranche II: A committed revolving credit line of up to US$5,000,000 to purchase goods from eligible suppliers in various jurisdictions, including Guyana, Suriname, and Norway.

Tranche III: An uncommitted senior financing of up to US$5,000,000 to finance capital expenditure and/or working capital needs in Jamaica.

Derrimon Trading Limited and IDB Invest share a snapshot following the successful signing of their landmark financing partnership. (From L to R) Ian Kelly, group chief financial officer, Derrimon Group; Derrick Cotterell, group chairman and CEO, Derrimon Group; James Scriven, chief executive officer, IDB Invest; and Anton Edmunds, general manager, Caribbean Country Department, country representative, Jamaica, IDB (Photo: Contributed).

The use of the proceeds aligns with Derrimon’s commitment to sustainable practices and the development of local infrastructure.

Derrimon Trading, with operations dating back to 1998, has evolved into a major player in the consumer goods distribution sector, with a diverse portfolio that includes Sampars, Select Grocers, Caribbean Flavours & Fragrances, Spicy Hill Farms, Arosa Limited, Woodcats International, Food Savers NY Inc, and Good Foods For Less LLC NY.

As IDB Invest continues to be one of the partners of choice for the private sector in Latin America and the Caribbean, Derrimon Trading said it remains committed to economic growth, social inclusion, and sustainable business practices.

Derrimon said the partnership signals a new chapter in the company’s journey, as it will foster growth and innovation in the region.

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