Mayberry announced yesterday that it has purchased 20 per cent of the IronRock Insurance Company Ltd, its most recent Initial Public Offering (IPO), making the start up yet another associate company of the investment bank.

The transaction is another strategic move by Mayberry, which in 2015 increased its holdings in Lasco Financial Services, Blue Power Group and Caribbean Producers (Jamaica) Ltd, all to 20 per cent.

A total of 43 million shares for IronRock were acquired through its IPO, which opened and closed last Tuesday, March 1st at a value of $129 million.

The company is expected to start trading on the Junior Market of the Jamaica Stock Exchange on March 15, 2016. Mayberry served as the lead financial advisor and broker on the transaction.

Gary Peart, CEO of Mayberry Investments, is extremely pleased with the new association, saying, “We expect that this investment will provide tremendous value for Mayberry, its client relationships, as well as the new investors who participated in the IPO.”

“We believe in strong and solid partnerships – this one as well as other notable ones, including those with Mark Hart, Tom Tyler, Lascelles Chin, Dr Dirhu Tanna, Evan Thwaites and Billy McConnell. Our mandate is to continue building local businesses to impact our economy positively and immensely,” he added.

IronRock Insurance was founded and started by long-time insurance professionals Evan Thwaites and Wayne Hardie, formerly of Globe Insurance, along with businessman William McConnell.

Thwaites, in reacting to the new development, said, “We appreciate this display of confidence shown by the Mayberry team in our company. We are aware of their track record and commitment to helping young companies reach their potential, and we look forward to their continued support as we embark on the execution of our growth strategy.”