Grace Kennedy Limited (GK), a Caribbean-based international conglomerate, has reached an agreement with Spike Industries to acquire the remaining 30% ownership interest in Catherines Peak Bottling Company Limited, thereby achieving complete ownership of the water bottling company.
Announced via a press release on the Jamaica Stock Exchange website, the acquisition is subject to customary closing conditions. Upon completion, Catherines Peak Spring Water will become a wholly owned subsidiary of GraceKennedy.
“In recent years, GK has been strengthening our position in Jamaica’s growing spring water market. This has included our 2021 acquisition of 876 Spring Water, our 2023 acquisition of Unibev, and the steady increase of our stake in Catherine’s Peak.”
Frank James, CEO of GK Foods – Domestic, commented
The company previously acquired Unibev, a privately held Jamaican manufacturing company producing comparable products, in August 2023.
“Our acquisition of Catherines Peak perfectly aligns with GK’s strategy of owning leading Jamaican brands that resonate deeply with consumers and possess significant global market potential,” explained Frank James. “This acquisition helps us work towards our vision of becoming the number one Caribbean brand globally by 2030.”
He highlighted Catherines Peak’s strong market position and growth potential, noting that it has been a key part of the GK Foods portfolio since GK’s initial investment in 2018.
“This acquisition marks another significant step in our ambitious growth strategy for both Catherines Peak and our Food business,” stated [Speaker’s Name]. “We’re excited to introduce innovative products under the Catherines Peak brand and are actively exploring expansion opportunities. We’re finalizing plans to launch Catherines Peak exports to the Cayman Islands in 2025, with further international growth anticipated.”
The acquisition of Catherines Peak underscores GraceKennedy’s commitment to providing high-quality products to consumers across the Caribbean. With ambitious plans for product innovation and international expansion in the pipeline, the future looks bright for both the Catherines Peak brand and the company as a whole – promising not only growth for the company but also increased choice and quality for consumers.
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