GraceKennedy Limited has announced that it has divested its more than 58 per cent shares in Hardware and Lumber, H and L.
The local supplier of hardware products, Rapid True Value and the Agro Grace business comprise H and L.
The transaction was completed yesterday.
The St. Lucian-based company Argyle has acquired the assets from Grace Kennedy for a price of 18-dollars-and-50 cents per share.
Argyle is a group of sophisticated investors led by Abbeco Invest S A out of the Bahamas, Sterling Asset Management Limited and Greystone Equity Partners Inc.
CEO of Grace Kennedy, Don Wehby says he decided to sell the shares in H and L as he is now focusing on the the company’s food and financial services globally.