Trinidad-based distribution giant, Massy expects its US$140 million sale of Industrial Gases Limited (IGL) in Jamaica to close this current third quarter.
Company chairman Robert Bermudez says Massy is still working with Jamaica’s Fair Trading Commission (FTC) to get approval for the transaction. The transaction is awaiting regulatory approval from the FTC to consummate the deal, which was struck in December 2022.
The impending sale of IGL to Massy Group will consolidate its position, as the leading liquid petroleum gas (LPG) business in the region and provide access to additional economies of scale to bring efficiencies to consumers.
During the first half of the 2023 financial year, Massy has initiated the redeployment of capital released from divestments in transformative acquisitions in its core portfolios.
The IGL is one such deployment of capital while the December 2022 acquisition by Massy of Rowe’s IGA supermarkets in Jacksonville, Florida for US$47 million is another example.
Rowe’s acquisition is a major step in achieving the group’s global vision and provides an excellent beachfront for further niche supermarket acquisitions in the southeast United States.
The following month of January 2023, Massy acquired Air Liquide’s operations in Trinidad for US$57 million consolidating the Group’s position as the leading industrial gas manufacturer and distributor in the region with additional export opportunities to be tapped.