Sygnus expands Dutch Caribbean footprint

Business

Sygnus expands Dutch Caribbean footprint

J'can firm takes stake in Aruba Wine & Dine

Friday, January 24, 2020

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Jamaica-based regional investment group Sygnus has acquired a “significant stake” in Aruba Wine & Dine, one of the leading hospitality groups in that Dutch-ruled island in the southern Caribbean.


A news report by Curaçao Financial Group (CFG), which assisted Aruba Wine & Dine with the alliance, said the Jamaican company entered into the strategic agreement through its private equity fund, Sygnus Deneb Investments.


The acquisition represents Sygnus's effort to deepen its presence in the Dutch Caribbean.


“Sygnus recognises Aruba as a stable economy with a strong hospitality industry, and Aruba Wine & Dine — being a significant player in the industry with nine restaurants, one piano bar and a catering business — represents an attractive investment opportunity,”  Sygnus executive vice-president and co-founder Dr Ike Johnson was reported as saying.


Aruba Wine and Dine's Managing Director Kevin Slangen said his company's strong presence in the hospitality industry coupled with Sygnus's financial strength, expertise, and unique regional relationships will result in a strong partnership and the realisation of various synergies, such as decreased purchasing costs, more robust logistics and new growth opportunities.


“As a result, Aruba Wine & Dine will further enhance the quality of its products and excellence in service to the local community and the tourism industry. Furthermore, this alliance will foster increased innovation, which will augment customer experience and competitiveness in the hospitality industry,” Slangen said.


Sygnus, which is part of the group of investors that acquired the Van den Tweel group of supermarkets two years ago on Aruba (Ling & Sons), Bonaire and Curaçao, is one of the Caribbean's leading alternative investment companies with customised financial solutions that include private credit, private equity and real estate investments. Sygnus also provides wealth management, investment banking, and tax advisory services to clients across the region.


Curaçao Financial Group specialises in mergers and acquisitions, corporate financing and business valuations.


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