IFC pumps US$20-m equity investment in Facey Group

Thursday, June 12, 2014

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KINGSTON, Jamaica -- Jamaica-based Facey Group, a major technology distributor and leading provider of wireless technology solutions, will get US$20-million equity investment from International Finance Corporation (IFC) a member of the World Bank Group.
"IFC’s investment will provide long-term growth capital required for the company to expand, thereby supporting jobs and increasing efficiency throughout the telecom, IT, food, and pharmaceutical value chains," a statement from the IFC said Thursday.
With operations in more than 30 Central American and Caribbean countries, Facey employs more than 3,200 people.
The centrepiece of its business model is a regional distribution and service platform covering over 150,000 points of sale that allows the company to benefit from economies of scale and access smaller markets than could otherwise be serviced in an economically viable manner, the IFC release added.
“We are privileged to have IFC as a shareholder and strategic partner. In addition to capital, IFC brings non-financial resources of tremendous value,” said Paul Scott, chairman of the Facey Group and chairman of its parent company, the Musson Group.
Nigel Clarke, Director of Facey Group and Deputy Chairman of the Musson Group, added, “this investment by IFC will allow Facey Group to achieve its strategic objectives, thereby providing better service to a wider network of customers”.
"We believe that Facey’s future growth will be fuelled by recent trends in the region, such as the proliferation of mobile services and broadband Internet," said Aniko Szigetvari, IFC head of telecom, media and technology for Latin America and the Caribbean, and Africa. "We expect these developments to boost innovation and create exciting, new opportunities in sectors such as broadband, data centres, and information technology.”
Since Jamaica became a member of IFC in 1964, IFC has invested US$676.5 million in the country’s private sector, including $234.2 million in syndications.

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