Durrant Pate/ Contributor

Manufacturing and distribution company Fleetwood Jamaica has acquired the business operations and assets, including the trademark, of well-known boutique aromatherapy outfit, Starfish Oils Limited.

The J$70 million acquisition, which occurred in January 2024, saw Fleetwood assuming ownership of both Starfish Oils’ tangible and intangible assets. The acquisition by Fleetwood marks a significant milestone in its expansion journey. As agreed under the acquisition, Fleetwood did not assume the receivables, liabilities, or equity of Starfish Oils.

Considering potential plans for going public, Fleetwood is poised to leverage its combined strengths to drive innovation, increase profitability, and solidify its position in the market. This strategic acquisition sets the stage for a promising future, as Fleetwood continues to pursue its vision of success and expansion.

CEO of Fleetwood, Richard Coe, expressed enthusiasm about the acquisition. “This acquisition is a major milestone for us. We’re incredibly excited about the opportunities for the Starfish Oils brand, and we know that by combining their strengths with Fleetwood’s extensive experience, we will be able to provide even more amazing offerings for our customers.”

Solidifying market position

Continuing, he highlighted that “Starfish Oils is a well-loved Jamaican company that offers a wide range of exceptional aromatherapy products. On the other hand, Fleetwood has over 50 years of expertise in personal care and home improvement products. By merging these core qualities, we will solidify our position as a leader in both the manufacturing and distribution industries in Jamaica. We also see incredible opportunities for the Starfish Oils brand internationally”.

In concluding, Coe remarked: “Starfish Oils is a wonderful brand with a strong following and we’re very confident that we can take the business to another level. Our goal is to revitalise the Starfish brand, improve operational efficiencies, reduce operating costs and significantly improve growth and profitability over the next 12 months.”

Looking ahead, Fleetwood aims to revitalise Starfish Oils’ product range through contemporary rebranding, introducing new lines like bulk amenities for hospitality and locally sourced essential oils for overseas markets.

About Fleetwood

Since its establishment in 1971, Fleetwood has experienced consistent growth across all product lines with sales for the 2023 financial year recorded over J$716 million in revenues and J$62 million in net profit. Fleetwood specialises in two key product lines through two separate divisions: Fleetwood Home Improvements (FHI) and Orion Manufacturing Services (OMS).

FHI is a leading manufacturer and distributor of household cleaning and home improvement products, while OMS is the local distributor of personal care brands, including Revlon Inc. and Crème of Nature. OMS also manufactures and distributes its own sanitization, laundry, and personal care lines, such as Smart Hand Sanitisers, Glory Laundry Detergent, and the Amazon top-seller, Top Brass Anti-Dandruff Hairdressing.

About Starfish

In 2016, the aromatics maker established its own haircare brand, Zimii Haircare, which has gained significant traction in the local market with exports to the United States, Canada and eastern Caribbean. Established in 1996, Starfish Oils has become a leading aromatherapy brand in Jamaica, known for its diverse products enriched with essential oils, promoting holistic well-being.

Its product range includes an extensive collection of soaps, salts, scrubs, mists, oils, and candles.

In 2022, Starfish Oils experienced a 26.2% year-on-year growth in revenues at J$67.4 million, while its pre-tax profit stood at J$1.2 million. Based on its 6-month financial performance as of June 2023, Starfish Oils is projected to report revenues of J$68.7 million while generating J$4 million in profits.