📷: Chris Yeung, Managing Director, FirstRock Private Equity Limited (left) and Tanya Klonaris of My Ocean Limited (right)
Private Equity company, FirstRock Limited is expanding its business into the Bahamas with the purchase of a stake in a manufacturing and retail company in the eastern Caribbean Country.
In a statement, FirstRock revealed it has acquired a 26 per cent stake in My Ocean Limited.
The cost of the deal is undisclosed.
Managing Director of FirstRock, Chris Yeung, says he’s optimistic about the partnership. In the statement announcing the deal, Mr. Yeung says the purchase allows FirstRock to enter the real sector and diversifies the company’s equity portfolio.
The proposed deal is subject to regulatory authority and approvals in the Bahamas and is set to be completed in the fourth quarter of the 2021 fiscal year.
My Ocean was incorporated in 2005. The company specialises in manufacturing and distribution of retail products across the Bahamas.
My Ocean operates from a 10,000 sq ft studio in Nassau producing a variety of unique authentic Bahamian products which are distributed through eight locations in the Bahamas.
In July this year, CEO of the First Rock Group, Ryan Reid, says the company is embarking on a serious growth and diversification strategy to meet its targets.
According to Mr. Yeung, the purchasing of a stake in My Ocean is in line with the company’s growth targets and marks the second acquisition of 2021 after Dolla Financial Services.
FirstRock currently owns 75 per cent of Dolla Financial Services Limited which has eight locations in Jamaica and one in Guyana.