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ANSA McAL to buy two Barbadian companies

Approximately eight months after losing the bid to acquire Banks Holdings Limited (BHL), Trinidadian conglomerate ANSA McAL is about to acquire two other companies in Barbados.

This comes as the company finalizes the sale of its Trimart supermarket chain.

Making the announcement tonight during the official opening of the group’s latest addition to the island – the Sissons Paint shop in Wildey, St Michael – President And Chief Executive Officer of ANSA McAL Barbados Limited Nicholas Mouttet declined to give details out of fear that the deals could be compromised.

However, Barbados TODAY understands that if all goes according to plan, the acquisition of the two unnamed companies could be finalized by the end of October this year.

The ANSA group of companies owns a number of operations and big brands in a range of sectors here, including automotive, distribution, financial services, retail and services. It is also involved in technology, manufacturing, media, beverage and real estate across its other markets.

The ANSA McAL Group of Companies is made up of over 60 companies across the region, employing over 950 people.

Mouttet said since the investment in Standard Distributors in Barbados about 55 years ago by the ANSA McAL group, the company continued to invest heavily here.

“It is our second largest geography in terms of our investment in the region. It is extremely important to us and we continue to invest for decades,” he said.

Pointing to the company’s commitment to the island, Mouttet said while “times are hard” in Barbados and some companies had not been able to expand in recent times, the ANSA McAL Group of Companies had been able to open three retail stores in the last 20 months.

One, he said, was the 10,000 square foot furniture and appliance Standard retail store in Wildey, which was opened just over one year and eight moths ago.

“Four months ago we opened up another Standard store in Bridgetown in Norman Centre, and then today we are here to celebrate the opening of the first Sissons Paint shop . . . in Barbados and a re-entry of ANSA Coatings, which is the owner of the Sissons brand,” he explained.

“So three stores in 20 months, and we continue to look for opportunities to invest in Barbados. In fact, I can’t give the details and to the reporters here please don’t ask . . .  but we are currently in negotiations right now to acquire two other Barbadian companies, which in itself represent significant investment again in Barbados,” Mouttet said.

“And while in a conglomerate environment there is always a lot of buying and selling, as you would know a few months ago we mentioned our intention to sell Trimart . . . and the Trimart sale we expect to close in the coming weeks,” he added.

In April this year Mouttet announced that the company would be selling its Rendezvous, Christ Church; St Martin’s, St Philip and Mile & A Quarter, St Peter Trimart supermarkets.

Mouttet said at the time that challenges with planned construction of a new flagship store at Wildey had influenced the decision to sell.

He had also indicated that the supermarkets would be sold as a going concern either as a chain or individually.

Tonight Mouttet reaffirmed the commitment of the ANSA McAL Group of Company to the local market, stating that the company would continue to seek out new investments and grow is footprint in Barbados.

Sissons, a brand under the ANSA Coatings Limited company, employs 25 people and offers thousands of shades of aqua-based coatings and paints for industrial, decorative, automotive and marine purposes.

Deputy Permanent Secretary in the Ministry of Industry, International Business, Commerce and Small Business Development Sonia Foster said the investment in the new shop represented the company’s confidence in the Barbados economy.

“The benefits will not only be found in the creation of jobs, but the enhanced value as well as the product offerings in the Wildey area,” Foster said.

“This and other enterprises which have recently opened their doors, provide encouragement to other such entities looking to invest in Barbados and send a message that Barbados is indeed open for business,” she said.

8 Responses to ANSA McAL to buy two Barbadian companies

  1. jrsmith August 31, 2016 at 4:47 am

    As I always say , Barbados is there for the taking but not by bajans. we are always going to be the guinea pig island but what’s better.

  2. Aneta August 31, 2016 at 6:48 am

    What is better is that bajans with all the brains and common sense and money apparently can’t formalize a think tank group to sit down together to keep our local businesses at home. We are too weak minded, we are not risk takers, we are selfish, we are very greedy and lack initiative. All the degrees and no common sense. Wake up people. Soon from now we gine be like Miami. No bajans in bim. Smh

  3. Hal Austin August 31, 2016 at 7:27 am

    Are we going to stand idly by and allow more of corporate Barbados to be bought by the Trinidadians?

    • Olutoye Walrond August 31, 2016 at 10:52 am

      What would you suggest we do, Hal? Perhaps try dictating to shareholders whom they should sell their businesses to?

  4. islandgal August 31, 2016 at 7:28 am

    Bajans want to make money without spending it !

  5. seagul August 31, 2016 at 11:16 am

    Barbados belongs to big corps. long time ago since the passing of of E.W. Barrow. Today it’s Virgin,Jet blue etc. The Trinis needs a piece of the cake too–democracy.

  6. Hal Austin August 31, 2016 at 1:08 pm

    There are a number of things we can do, from buying the companies in an open competitive market, to asset accumulating strategies such as forming a sovereign wealth fund.
    However, what would not work is encouraging savers to lend their money to the government through so-called Savings Bonds.
    Or, government can step in and make it law that sectors central to national security cannot be sold to non-Barbadians.
    No matter who owns these businesses consumers do not have to shop at these businesses.

    • Just Visiting August 31, 2016 at 2:32 pm

      You are soo right. In the long run the shoppers/buyer/consumer will make or break the investor whether Bajan or otherwise.
      Somehow we as Bajans have to see that we have this power and use that power to help build bajan business.

      We must however use this power wisely.


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