Everything Fresh expands portfolio with Meat Experts acquisition

Business reporter

Wednesday, February 13, 2019

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Food importer and distributor Everything Fresh (EFresh) has acquired 100 per cent of St Catherine-based abattoir Meat Experts Limited.

The takeover, which was completed for $50 million, follows on the signing of a Memorandum of Understanding and Letter of Intent between EFresh and Meat Experts on December 14, 2018.

In a notice to shareholders on the Jamaica Stock Exchange yesterday, chairman of EFresh Gregory Pullen noted that the company expects to spend an additional $30 million on upgrading Meat Experts facility in “very short order”.

Located in Bog Walk, St Catherine, the Meat Experts is a widely integrated manufacturing operation. The company is said to have its own abattoir, cutting, processing, packaging and cold storage facilities and logistics network.

“This acquisition will add several new products to the EFresh line-up, promote the support of local livestock and produce farmers and reduce costs,” Pullen said.

“Efresh will be serving both its bulk and retail clients with additional products that will be launched under the Meat Experts and the Everything Fresh brands,” he continued.

Meat Experts acquisition follows on losses of $17.5 million EFresh reported for its third quarter ended September 30, 2018. The losses reflected a decrease of $28.7 million over the corresponding quarter of 2017, which, according to Pullen, was attributable to temporary competitive pressure.

Revenues for the quarter stood at $421.9 million, $28.3 million lower than September 2017, while total expenses climbed from $4.8 million to $29.9 million year-over-year reflecting increases in professional fees, director's fee and general administration.

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