Seprod Ltd has announced it has reached an agreement to acquire AS Bryden and Sons Holdings to create an integrated manufacturing and distribution group in the Caribbean with combined annual revenues projected to be in excess of US$500 million.

In a press release issued yesterday it said together Seprod and AS Bryden, with a team of close to 3,000 employees, will serve the world’s leading food, pharmaceutical, premium beverage, hardware and industrial companies, with an expanded portfolio of their own manufactured brands.

According to the release AS Bryden will continue to operate as an independent, standalone company and its subsidiaries: AS Bryden and Sons (Trinidad) Ltd, Bryden pi Ltd, and FT Farfan Ltd, will continue to be managed by their existing executive teams.

Richard Pandohie, CEO of Seprod, will serve as interim Group Chief Executive Officer of AS Bryden.

He said that Seprod has always considered that Caricom should operate as a single domestic market.

This acquisition, he added, will allow AS Bryden and Seprod to take a “quantum leap in creating a regional company, utilizing the best of our Caribbean people to create value-added synergies.”

Also speaking about the transaction, outgoing AS Bryden Chairman, Ian Fitzwilliam stated, “Seprod shares many of AS. Bryden’s core values. I am confident that Seprod will maintain AS Bryden’s culture and identity and build on our proud history by investing in our people and our businesses.

“Seprod has a track-record of supporting and motivating high-performing management teams and has demonstrated a keen understanding of the local market. I’m delighted to be associated with the coming together of these two great Caribbean companies.”

Seprod’s Chairman added that AS Bryden is “an exceptional business run by outstanding people.”

“We are privileged to be the stewards of AS Bryden’s heritage and to have the opportunity to work with its talented leadership team. I am excited about our ability to join forces and better serve our employees, customers and distribution partners at Seprod and AS Bryden,” he added.

Subject to regulatory approvals and other customary closing conditions, the transaction is expected to be completed by May 31, 2022.