Astronomical Holdings Limited (AHL), a private investment vehicle of attorney-at-law Able-Don Foote, has made an equity investment in Fontana Limited valued at $100 million.

The transaction – which gives AHL a one per cent stake in Fontana – makes it the second largest shareholder in the family-run pharmacy chain.

Foote commenting on behalf of AHL in a press release said, “We are pleased to have concluded what has been described as a historic transaction. Structurally, this is proof of concept for further transactions of this nature. We wish to express our gratitude to all those who contributed in making this concept a reality. A special thank you to our broker VMIL which executed the transaction in a timely manner”.

Foote further stated “from where we sit the asset is prime as management has virtually doubled the company’s net profit during the pandemic from $276 million to $512 million.

“Moreover, with Fontana’s imminent expansion into Portmore and  the economy of St Catherine being a strong one with inhabitants in excess of 400,000 persons from Portmore and Spanish Town, we expect to see significant growth to their already strong top line which is in excess of J$5 billion. Fontana is expected to reap continued benefits of economies of scale from their flagship Waterloo location as also Portmore.”

Foote is also the principal attorney-at-law at Able Attorneys.