MAILPAC Group Limited recently raised $840 million to top up its war chest of cash as it finalises acquisition opportunities in Jamaica and the wider region.

The logistics company disclosed last Wednesday that it was in dialogue with several acquisition candidates to expand the company’s footprint and reach beyond Jamaica. Executive Chairman Khary Robinson told shareholders in late 2025 that it aspired to become a regional player in multiple markets.

“We are in late stage discussions with a number of transaction candidates or transaction opportunities that will add value not only to Mailpac but allow us to expand our presence or our operating prowess outside of the shores of Jamaica. So, we felt it prudent to have capital on hand to be able to pursue these acquisitions if they did come to fruition,” Robinson told investors during the company’s sixth annual general meeting held on November 4.

The company issued a five-year unsecured bond during its second quarter (April to June) to fund new growth and investment for the company. That bond propelled its cash balance to $957.92 million at the end of June, its largest figure as a listed company.

Although the Mailpac principal did not disclose which markets were on the horizon, he did indicate that this was part of Mailpac’s evolution to address different market segments. Robinson is the chairman of Norbrook Equity Partners Limited which is a private equity firm that has undertaken several deals over the years, including majority interest in KFC Panama.

“We’re also deepening regional partnerships and exploring opportunities in the Caribbean and Latin American markets, where similar gaps in convenient logistics exist, to extend the Mailpac Group ecosystem beyond Jamaica,” the chairman added.

Mailpac acquired the assets of MyCart Quick Limited in April 2024 as it sought to deepen its presence to value focused customers. The acquisition assisted in pushing Mailpac’s revenue up from $1.67 billion in 2023 to $2.56 billion in 2024, a 53 per cent improvement. Mailpac’s revenue increased to $2.98 billion in 2025, underscoring the value of the acquisition’s contribution to the company’s top line.

Although Mailpac’s bottom line hasn’t expanded at the same pace, cash flow from operations has moved from $290.95 million in 2023 to $380.42 million in 2025, reflecting the improved cash generation of the expanded business.

That MyCart Express acquisition was set to be initially paid entirely in shares, but the terms were revised earlier this year. The company initially recognised a $1.27 billion contingent liability in its 2024 audited financials before revising that figure to $364 million. Mailpac paid $243 million in cash on April 15 and is set to issue 50 million new Mailpac shares to the principals of MyCart. Shareholders approved the resolution for these shares to be issued and listed on the Jamaica Stock Exchange.

ROBINSON…we are in late-stage discussions with a number of transaction candidates or transaction opportunities.

“At the end of the day, it was a negotiated position. I believe both parties are happy with the outcome,” Robinson stated on the revised consideration.

Mailpac is now moving to better strengthen the delivery infrastructure and overall platform across Mailpac’s various brands. Its latest highlight is the Swoop brand which is focused on the last mile delivery of goods across the island. This brand was launched in 2025 as Mailpac focuses on becoming a comprehensive domestic logistics provider. Robinson noted that the brand has done tremendously well since launch, with the volumes by Swoop in recent months being equal to the volume of packages handled by Mailpac.

“Building on our scaled delivery infrastructure, the Swoop brand will be geared at connecting customers across Jamaica through establishing new collection and drop-off points in strategic community locations and strengthen partnerships with local logistics and courier providers to extend our reach without a proportionate increase in fixed costs,” Robinson added in his remarks.

As part of the company’s three year strategic plan, it is now looking at a banking or card partnership to drive more value for its customers. Mailpac previously had a branded Mastercard product, but that product was discontinued in late 2022 due to external factors.

Mailpac’s six months revenue was up 15 per cent to $1.64 billion as it handled more volume across its branded platforms. Although the company has been impacted by higher costs and expenses, including a fuel surcharge from air couriers, the company’s operating profit remained 26 per cent higher at $322.66 million.

Mailpac reported a 30 per cent rise in profit before tax to $196.92 million, with net profit up 20 per cent to $163.91 million. The trailing 12-month earnings per share was $0.11.

Mailpac’s asset base was up 29 per cent to $3.18 billion as of June 30. The higher asset base included a higher right-of-use asset balance of $306.10 million due to the company leasing new storefronts and warehouses in the period. Total liabilities and shareholder’s equity were $1.39 billion and $1.79 billion, respectively.

Mailpac’s stock price closed Tuesday at $2.43 which translates to a market capitalisation of $6.07 billion. Mailpac paid a $0.02 dividend totalling $50 million on September 16 to shareholders on record as of September 2.

“We’re also deepening regional partnerships and exploring opportunities in the Caribbean and Latin American markets, where similar gaps in convenient logistics exist, to extend the Mailpac Group ecosystem beyond Jamaica,” Robinson said.