CARIBBEAN Flavours and Fragrances (CFF) has opted to sell shares through an initial public offering (IPO) on the junior stock exchange.
Mayberry Investments, which is the financial advisor for the local manufacturer of inputs used in beverages, expects that the prospectus will be issued within two weeks.
The company won't say how much it intends to raise ahead of regulatory approval, but the cash will go towards building a chill room that will stock juices and installing redundancies for equipment to reduce downtime and maintain product quality.
"This new revenue stream — combination of juices and flavours will be sold to our customers, it's not to compete with them," said James.
Following the IPO, the company will explore the best way to service Western Jamaica, an area that it doesn't supply on a wide scale.
CFF also plans to strengthen its presence in the Caribbean.
"People in the Caribbean are asking us when we are going to go in their doors, so that's one of the outlook for future," James told the Caribbean Business Report. "Five years time we want to double our market share regionally."
The company supplies Caribbean food and beverage manufacturers, in Jamaica, Trinidad and Tobago, Grenada, Barbados, St Kitts, Guyana, USA and Canada, including J Wray & Nephew, Grace Canning, Pepsi Cola Jamaica Bottling, Wisynco, Nestle JMP, Banks distillers in Barbados, Trinidad and St Kitts, as well as DDL Guyana.
The company, which has 12 permanent employees, said it is profitable with positive cash flows and is committed to the art and the science of concept development coupled with global trend analysis, designed to create a partnership of innovation with their customers.
CFF has been in business since October 2001, and was previously owned and operated by Bush Boake Allen (Jamaica) Ltd.
It also manufactures and supplies fragrances for household cleaning, body care, aroma therapy and air re-freshener industries.
The company sources essential oils and natural extracts primarily from International Flavours and Fragrances in Mexico and also from other parts of the world including the United States of America, United Kingdom and Holland.
Based on Spanish Town Road, CFF makes and distributes over 25 flavours and water soluble colours for the food, beverage, baking, confectionery and pharmaceutical industries.