THE rapidly growing Derrimon Trading Company Ltd, which operates Sampars Cash & Carry, recently acquired its fifth supermarket outlet for $25 million plus the value of inventory, according to its preference share prospectus.

“The company purchased a supermarket in Old Harbour and re-branded it as a Sampars outlet, bringing the total of its Sampars operations to five inclusive of the original site at Marcus Garvey Drive, and four satellite locations,” stated the prospectus recently released to the Jamaica Stock Exchange (JSE).

The company acquired Your Choice Products and Imports which trades as My Neighbourhood Supermarket. The purchase excludes cash at bank, receivables prior to the effective date, and shares of the vendor.

Sampars main outlet spans 100,000 square feet on 3.5 acres of land on Marcus Garvey Drive, Kingston. Other outlets are located at Brome Close near Washington Boulevard, Kingston; West Street, Kingston; Hargreaves Road, Mandeville, and now Old Harbour, St Catherine.

The supermarket was acquired in the final quarter of 2014 at around the time that the company acquired its much publicised 49 per cent share acquisition in Caribbean Flavours and Fragrances (CFF).

The prospectus aims to raise $250 million from shares at $2 each. It formalises an earlier announcement by company chief executive Derrick Cotterell to raise the funds. The offer opens on Friday 27th February and closes 13th March 2015.

The board intends to use the proceeds from the preference share offer to expand the company’s business, provide working capital support and retire a portion of debt. The company’s borrowings grew substantially to $305 million up to September based on a $200 million private placement in February 2014 secured at 12.25 per cent.

In December 2013, Derrimon’s ordinary shares were listed on the Junior Market of the JSE.

Derrimon made $5.9 million net profit on $1.5 billion in revenues in its September third-quarter 2014, which reversed a net loss of $1.8 million a year earlier.

In the September quarter, the directors approved the acquisition of 44 million shares at a price of $2.75 per unit of fragrance manufacturer CFF.