Barbadian company takes majority stake in St. Lucian business
Barbadian company Goddard Enterprises Limited (GEL) has taken
controlling interest in one of St. Lucia's largest conglomerates and
oldest businesses, Minvielle & Chastanet Limited (M&C).
The acquisition brings an end to the control of the company by the
Devaux family since the inception of the company in 1864. M&C
comprises seven subsidiaries and two divisions, and employs
approximately 600 people throughout the group. In a statement announcing the move, GEL indicated that under this
strategic alliance, the Devaux family will retain an interest in the
family business and will also acquire a shareholding in the Barbadian
company. "It is anticipated that there will be no changes in the management
and staff of M&C as a result of this new shareholding arrangement.
Recognising the opportunities and challenges that will be associated
with regional integration and consolidation, this alliance is seen as a
vote of confidence in the ability of Caribbean based companies to grow
in an increasingly competitive market place," the GEL statement
indicated, added that the company was fully behind the concept of the
CARICOM Single Market and Economy (CSME). "We...see this acquisition as an ongoing strategy to continue to
grow our group both regionally and extra-regionally. The diversity and
strength of the combined entities will allow us to take advantage of
numerous expansion possibilities throughout the region and to
capitalise on the economies of scale which will accrue to the larger
combined entity going forward," it added. M&C has operations in hardware retail and distribution, food and
liquor distribution, insurance, shipping, pharmaceutical retail &
distribution and the distribution of Texaco domestic cooking gas and
related petroleum products. The group also has a controlling interest in Solar Dynamics (EC)
Limited which manufactures and distributes solar water heaters
throughout the region. GEL has varied business portfolio that encompasses interests in the
Caribbean as well as Central and South America. It's subsidiary
companies are in airline catering, industrial and restaurant catering,
meat processing, bakery operations, automobile retail and automotive
parts, real estate, the manufacture of aerosols and liquid detergents,
investments, rum distilling, general trading, packaging, fish and
shrimp processing, property rentals, general insurance, financing as
well as shipping agents and stevedoring. Source: caribbean360.com
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