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.