Derrimon Trading Company Limited continues its aggressive acquisition programme into 2022 gobbling up full ownership of Spicy Hill Farms, which was started several years ago by the late veteran politician Brascoe Lee.
The effective takeover date of the business was January 10, 2022. The transaction cost was not disclosed.
This latest acquisition by Derrimon Trading comes exactly one year after the Derrick Cotterell-led company announced plans to acquire Brooklyn-based grocery store businesses, FoodSaver New York and Good Food for Less. The sale was completed during the first quarter of 2021.
That deal was part-financed by proceeds from the company's $3.5-billion additional public offering of shares in January 2021. Speaking with the Jamaica Observer, Cotterell, the chairman and CEO of Derrimon Trading, was excited at the acquisition and the potential for growing Spicy Hill Farms.
Spicy Hill Farms manufacture top-quality authentic Jamaican products for local distribution as well as export. The line of products includes Ram Goat Soup “Mannish Water”, Ram-It-Up “Curry Goat Booster”, Granulated Scotch Bonnet Pepper, and Dried Thyme Leaves.
The products manufactured by this company are available in over 200 retail outlets throughout the island in addition to major stores within markets such as the United States, Canada, the United Kingdom and the Caribbean. Cotterell advised that Derrimon bought the company from the grandchild of Lee.
He said the products are in high demand not just overseas, disclosing that Derrimon would be the local distributor of the products but will not change the distribution network for the overseas markets. However, the Derrimon chairman and CEO is adamant that growth is the focus for Spicy Hill Farms, as he is intent on bringing local branded products to the Jamaican and overseas markets.
In addition, he has elaborate plans for enhancing the various brands produced by the company, ensuring that they reach the tables of consumers across the globe. Spicy Hill Farms Limited was incorporated in Jamaica in 2006 by Brascoe Lee – former Member of Parliament for Trelawny Southern and state minister in the Ministry of Agriculture. The location of the business is in the remote community of Wait-A-Bit, Trelawny,
Lee came up with the idea to create his first product, Ram Goat Soup, when he realised that, in Jamaica, whether people are at a family gathering or a social event, ram goat soup is always a popular dish. It took him over three years of continuous work to develop a soup mix that could be packaged and affordable.