Private equity firm FirstRock Private Equity Limited, out of Barbados, has entered into a definitive agreement with Bahamian manufacturer and retailer My Ocean Limited to purchase a minority interest in the company.
FirstRock Private Equity is a member of First Rock Group but is not an affiliate or a subsidiary of FirstRock Capital Holdings, which is incorporated in St Lucia but listed on the Jamaica Stock Exchange. FirstRock Private Equity has agreed to purchase a 26 per cent stake in the Bahamian small and micro enterprise firm for an undisclosed sum, with the agreement recently signed in Nassau, Bahamas.
FirstRock Private Equity Managing Director (MD) Chris Yeung was pressed by the Jamaica Observer to disclose the purchase price but he would not comment on the pricing of the deal, instead, he emphasised that he is very excited about the partnership and is optimistic about the growth in the Bahamas.
He told the Business Observer that My Ocean would be a good addition to its growing investment portfolio, which includes Dolla Financial Services Limited in which the company has a 75 per cent stake. Dolla Financial has eight locations in Jamaica and one in Guyana. According to Yeung, “This purchase allows us to enter the real sector and diversifies our private equity portfolio. This marks our second acquisition for 2021 after Dolla Financial Services Limited.”
The FirstRock Private Equity MD underscored that this investment “is in line with the company’s growth strategy. This acquisition is aligned with our strategy to be one of the leading private equity partners for small and medium enterprises in the Caribbean and Latin America”.
The planned acquisition is subject to regulatory authority approvals in the Bahamas, and is scheduled to be completed by the fourth fiscal quarter of 2021, subject to any extension by mutual agreement between the parties.
My Ocean Limited, a Bahamian entity incorporated in 2005, specializes in manufacturing and distribution of retail products across the Bahamas. My Ocean operates from a 10,000 sq. ft. studio in Nassau, producing a variety of unique, authentic Bahamian products, which are distributed through eight prime locations in The Bahamas, including the Baha Mar, Atlantis, and the Lynden Pindling International Airport. The company manufactures and distributes soaps candles, ceramics, textiles, and other items.