Agostini closing in on Massy Distribution acquisition
TRINIDAD-based Agostini Limited is poised to complete its acquisition of Massy Distribution (Jamaica) after months of regulatory scrutiny over concerns the deal could concentrate control of insulin distribution in a single entity.
The long-delayed transaction, first announced in February 2025, had been scheduled for completion by June but stalled after Jamaica’s Fair Trading Commission (FTC) raised competition concerns. Agostini’s subsidiary Aventa Jamaica Limited and Massy Distribution (Jamaica) Limited (MDJL) together distribute the three main insulin brands available in the local market, prompting fears that the merger could effectively place the supply of a critical, life-sustaining medicine under one commercial umbrella.
Following months of negotiations, the parties have moved closer to satisfying the regulator.
“The regulatory approval required to close the proposed acquisition of Massy Distribution (Jamaica) has advanced, and we are now expecting this within the upcoming quarter,” Agostini chairman Christian E Mouttet stated in the company’s first-quarter report covering October to December.
As part of the remedy, the FTC required that at least one insulin brand be distributed by an independent company to preserve competition in the diabetes treatment market. Humalog, Apidra and Novolin are three known insulin brands subsidised by the National Health Fund (NHF). While it has not been disclosed which brand will be divested, the move signals the regulator’s heightened sensitivity around pharmaceutical concentration and access to essential medical supplies.
The FTC had indicated in a November 2025 update that MDJL’s pharmaceutical portfolio would be integrated into Aventa Jamaica — formerly Health Brands Limited — while its consumer division would be managed by Acado Limited. Acado, the entity completing the acquisition, is a 50/50 joint venture between Agostini and Barbados-based Goddard Enterprises Limited.
MDJL, formerly HD Hopwood & Company Limited, is a 98-year-old Jamaican distributor whose portfolio spans both consumer and pharmaceutical lines. Its consumer brands include Mead Johnson, ConAgra Foods, Quaker, Ekaterra Lipton and Dole, while its pharmaceutical suppliers include Sanofi, Denk Pharma, Servier, 3M, Novo Nordisk and Reckitt Benckiser.
Massy’s 2025 audited accounts show MDJL generated TT$352.44 million ($8.32 billion) in revenue, down five per cent year-on-year, and net profit of TT$24.29 million ($573.75 million).
The Jamaican delay is one of two regulatory hurdles confronting Agostini’s regional expansion strategy. In Trinidad & Tobago, the group has been forced to extend its planned acquisition of Prestige Holdings Limited (PHL) for a sixth time as that country’s Fair Trading Commission remains without a constituted board to approve the transaction.
PHL is the parent of Prestige Restaurants Jamaica Limited, operator of TGI Fridays locally, and holds franchise rights in Trinidad & Tobago for Starbucks, TGI Friday’s, KFC, Subway and Pizza Hut.
Despite the regulatory headwinds, Agostini’s operating performance in the December quarter reflected steady top-line growth. Acado’s revenue rose 12 per cent to TT$977.02 million, with profit before tax improving eight per cent to TT$91.10 million. However, profitability in its pharmaceutical and healthcare segment declined 10 per cent, while its energy, industrial and holdings segment saw a sharper 65 per cent contraction — underscoring margin pressures even as revenues expand.
On a consolidated basis, group revenue climbed six per cent to TT$1.57 billion, but profit before tax slipped one per cent to TT$136.63 million amid higher operating costs and softer economic conditions in Trinidad & Tobago. Net profit attributable to shareholders fell three per cent to TT$65.68 million.
Agostini’s share price closed Wednesday at TT$60.00, leaving the stock down five per cent for the year to date and valuing the company at TT$4.15 billion. The group paid a TT$1.15 dividend totalling TT$79.47 million on February 9. Director Lisa McKenzie retired at the company’s annual general meeting on February 6 after 12 years of service.