Founder and Managing Director of Consumer Brands, Athol Smith, has agreed to sell his privately held distribution company to the GraceKennedy Group.
Under the deal announced last week, Consumer Brands will become a subsidiary of the GraceKennedy Group under GraceKennedy Foods.
Smith will remain with the company as an advisor during the transition period.
The acquisition is expected to be finalized before the end of the third quarter this year.
Smith founded Consumer Brands in 1992, having resigned as Senior General Manager for the GraceKennedy Merchandise Division as it was known at time.
Among the brands distributed by Consumer Brands is the Procter and Gamble, P&G, line of products which the company has distributed in Jamaica since 1992.
P&G brands are some of the most recognizable consumer goods with household names such as Bounty, Downy, Tide and Always.
With sales of over 2-billion dollars annually, the company has consistently achieved significant yearly revenue growth since its establishment.