From left: Herma Grant, Arosa Ltd, Ian Kelly, Group CFO Derrimon Trading, Robert Hoehener, founder of Arosa Ltd, Derrick Cotterell, chairman and group CEO, DerrimonTrading, and Stewart Jacobs, general manager, Arosa Ltd, at the signing ceremony.
April 7, 2022
DERRIMON BUYS AROSA
Gives assurance that all current employees will remain
Food and consumer goods distributor Derrimon Trading Limited has completed the 100 per cent acquisition of the St Ann-based food processor Arosa Limited in a deal which was closed on April 6, 2022.
Arosa, a 36-year-old company owned by Robert Hoehener and Herma Grant, produces local beef cuts as well as processed meats including sausages and bacon. The company is also involved in the distribution of foods, liquor and equipment for the hospitality and food service segments, serving the tourist sector.
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Transaction details for the Arosa deal were not disclosed. Group CEO and chairman at Derrimon Trading Derrick Cotterell, at the signing in Kingston, said that the deal will give Derrimon Trading full ownership of the manufacturing and meat processing company.
“Today Derrimon Trading is taking over the baton from Robert, he will still be with the company for many more years, teaching us the business,” Cotterell said. The acquisition will see former commercial manager at Derrimon Trading, Stewart Jacobs, appointed as the new Arosa general manager.
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Derrimon, at the signing, gave the assurance 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 as a part of the team and will play a critical role in the business going forward.
Hoehener, founder and key principal at Arosa, disclosed at that the company had become known as a supplier of fine foods, stating: “We started as a meat processing business making sausages, cuts of other products like pork, beef and lamb and we also bring imported cheeses from out of Europe, wine from Central America, and also have products out of Switzerland and glassware and we are the distributors of Elite coffee and espresso out of Italy.”
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Hoehener added: “I have reached, not quite the end of my life but I have been for many, many years in this business and it is about time to take a step back and hand it over to somebody who I feel will be very competent and who I feel will make a good success out of it by and enlarging it and expanding it and I thank Derrimon for that.”
Group chief financial officer (CFO) at Derrimon Ian Kelly said that 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.
“This acquisition will help to further diversify and provide growth to the DTL Group’s revenue stream. This move will continue to widen Derrimon’s manufacturing base,” Kelly said at the signing ceremony.
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 include Ram Goat Soup “Mannish Water” and are distributed in over 200 local retail outlets and stores in the United States, Canada, the United Kingdom and the Caribbean.
Last year, in mid-2021, the Derrimon invested US$9 million ($1.3 billion) into the acquisition of Brooklyn-based grocery store businesses, FoodSaver New York and Good Food for Less, moving outside of Jamaica for the first time.
The company ended the year in December 2021 with a net profit of $448.18 million, a 44 per cent improvement on year end results of $311.09 million in 2020.
Revenue in 2021 was $17.74 billion, an improvement of 38 per cent over the $12.78 billion recorded in 2020. Earnings per share last year was $0.094 up from $0.102 in 2020. Cash balances at year end was $1. 07 billion compared to $660.93 million in 2020. Company assets totalled $5.42 billion in the audited financials, this compared to $4.78 billion at year end 2020.
Last year, Derrimon Trading received over $4 billion in proceeds from a successful additional public offering of shares. The company has reduced its debt portfolio including the redemption of the preference shares.
