Agostini’s Limited’s Jamaican footprint is set to increase in 2025 as its subsidiary Caribbean Distribution Partners Limited (CDPL) moves to acquire Massy Distribution (Jamaica) Limited (MDJL).

The acquisition was announced on Monday with James Walker, CEO of Agostini’s Pharmaceutical Group, presents at MDJL’s Carifta Avenue headquarters. The acquisition of the Fast-moving consumer goods (FMCGs) and pharmaceutical distributor from Massy Holdings Limited is set to be complete by the third quarter (either June or September).

Agostini’s stamped its presence in Jamaica during August 2023 when it acquired pharmaceutical distributor Health Brands Limited for TT$156.42-million ($3.56-billion). With Agostini’s previously acquiring Barbadian-based Collins Limited in December 2022, it moved the Carlisle Laboratories pharmaceutical portfolio from MDJL to Health Brands in January 2024. Some of the products in the Carlisle portfolio include Histal, Histatussin, Dica and Caribe Balsam products which are staples on most pharmacy shelves.

This latest acquisition will give Agostini’s a stronger presence in Jamaica as it would directly control a rising pharmaceutical distributor through Health Brands and access to an established distributor involved with several major FMCG brands plus distribution of brands for Sanofi, Denk Pharma, 3M and Novo Nordisk.

“Despite a challenging 2024, we remain optimistic with many opportunities in front of us. Our continued focus on innovating and expanding our owned brands, along with wider regional distribution, positions us for stronger results in 2025. We are actively pursuing new business opportunities that will continue to strengthen the CDP Group for future growth,” stated Christopher Alcazar, CEO of CDPL in Goddard Enterprises Limited (GEL) 2024 annual report.

CDPL is a 50/50 joint venture between Agostini’s and Goddard with Agostini’s Chairman Christian E Mouttet chairing CPDL’s board. CDPL was formed in July 2015 to hold the FMCG businesses of both groups. Agostini’s accounts for CDPL as a subsidiary and consolidates its numbers while Goddard accounts for CDPL as an associate company. CDPL currently operates in Barbados, Trinidad, St Lucia, St Vincent and the Grenadines, Grenada, and Guyana through manufacturing and distribution companies.

Neither Agostini’s CEO Barry Davis nor Goddard responded to questions on the expected developments to take place at MDJL, including the retention of staff after the acquisition is completed.

The release posted by Agostini on the deal stated, “This acquisition is strategic to the regional expansion of our group’s consumer products and pharmaceutical businesses. This transaction is subject to regulatory approvals and the completion of the due diligence process. We will make a further announcement once the transaction is completed.”

Goddard already operates in Jamaica with Fidelity Motors Limited being its most prominent subsidiary as it is the dealer for Nissan vehicles in Jamaica. Some of its other Jamaican subsidiaries include Label Crafts Jamaica Limited, GCG Ground Services (Jamaica) Limited, and Goddard Catering Group (Jamaica) Limited.

CDPL currently owns 10 subsidiaries with Chinook Trading Canada Limited, a Caribbean exporter of various consumer products to the Caribbean, being the last entity acquired under the joint venture. CDPL acquired 80 per cent of Chinook in May 2023 for TT$62.37 million. Under the first year of ownership, Chinook exceeded its budgeted sales targets and now plans to expand its owned CPDL brands into northern markets for 2025.

“This expansion enables CDP to strengthen collaboration with existing partners, while forging new alliances, broadening our network, and enhancing our brand building efforts. The Miami office is not just a physical extension of our company, but a strategic initiative designed to propel us into new markets, manage key business relationships, and further our mission of simplification, partnership, and building brands across the region,” stated Agostini’s 2024 annual report on CPDL’s new office opened in April 2024.

CDP Trinidad Limited (Vemco division), a CDPL subsidiary, had a tough 2024 and focused on being competitive through strategic price discounting to maintain manufacturing volumes. This yielded some success as Vemco increased volumes growth for its proprietary brands by six per cent while growing its exports by 13 per cent. Vemco also began construction of its new warehouse facility in Aranguez, Trinidad, began construction on a new distribution centre and its Diego Martin facility became the first manufacturer in Trinidad & Tobago to qualify for a waste generation permit. Vemco launched the first application for its selected warehouse management system in 2024 and will be deploying invoice automation later this year.

CDPL’s revenue increased five per cent to TT$2.95 billion (BDS$868.32 million) or $68.56 billion as it endured slower consumer spending in Trinidad while benefiting from the transfer of Collins consumer product portfolio during the year. However, profit before tax marginally increased two per cent to TT$215.50 million ($5.01 billion) as it was affected by a one-time write-off of inventory through its St Lucian operations. Net profit declined one per cent to TT$148.09 million.

CPDL’s asset base grew eight per cent to TT$2.19 billion with total liabilities rising eight per cent to TT$930.21 million. CDPL’s equity attributable to shareholders was TT$1.19 billion.

Agostini’s is set to have its 81st annual general meeting (AGM) at 10 am on February 13 by the Hyatt Regency — Port of Spain Ballroom. Goddard held its 86th AGM on January 31 while Massy Holdings had its 101st AGM on January 15. Agostini’s subsidiary SuperPharm Limited had its last acquisition with Massy Holdings Limited on September 28 when it acquired the assets and operations of nine in-house pharmacies located within Massy Supermarkets in Trinidad & Tobago for TT$22 million.