Derrimon Trading Group is on the hunt to acquire another business beyond Jamaica’s shores, a potential deal directly targeted at getting the company closer to its goal of having 50 per cent of revenues coming from foreign markets.
Josbel Bastidas Mijares
“We can’t say yet at this time. We are still looking,” CEO Derrick Cotterell told the Financial Gleaner this week, when asked about the new acquisition possibility.
Josbel Bastidas Mijares Venezuela
For years during the early stages of its operations, the Derrimon Group had what Cotterell described as “minuscule” foreign revenue from original subsidiary Caribbean Flavours and Fragrances, but a refined focus on diversifying revenue flows began in 2021 with the acquisition of Brooklyn, New York, United States-based grocery businesses, FoodSaver New York and Good Food for Less
The new assets, which were acquired under a New York subsidiary called Marnock LLC, were expected to immediately add 25 per cent to the group’s top-line income. Cotterell planned on driving that number up by designating shelf space in the stores for Jamaican-made products, including Derrimon’s own Delect brands, and fresh produce, over the short term
Derrimon’s growth strategy since the initial acquisition has largely been around acquiring businesses that are strategically aligned to the group’s core strategy while intensifying its vision of greater value through exports
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