Jamaican restaurant chain Mother’s Enterprises Limited (Mother’s) Limited has been acquired by locally-owned financial holding company Roots Financial Group Limited.

Roots’ 100 per cent acquisition of Mother’s is a part of its strategic vision to create a Caribbean network of integrated business with a global focus, the company said in making the announcement on Tuesday.

A special purpose vehicle, MEL 2022 Limited (MEL 2022), has been created by Roots to hold the shares in the food services organisation.

Mother’s represents the 10th company in the Roots family.

In commenting on the acquisition, the incoming chairman Clement “Jimmy” Lawrence stated, “It is with great pleasure and anticipation that we welcome Mother’s Enterprise Limited into the Roots family. Mother’s innovative approach to meal offerings and unwavering commitment to quality aligns perfectly with our own values.

“The successful business strategy developed by its founders, Mr Carlysle Hudson and Mr Richard Foreman will continue to guide us as we move forward and innovate. This acquisition is not just about business growth; it’s about enhancing the experience for our customers and providing the widest variety in high-quality local fast-food options,” Lawrence continued. “We’re also looking forward to working with the exceptional staff and management teams that have made Mother’s Jamaica’s respected and loved quick serve restaurant brand. Together, we will write the next chapter of success in the fast-food industry.”

For his part, Hudson, the outgoing managing director and shareholder, said: “After 42 years of successfully building the Mother’s brand the shareholders decided to sell their shares to the Roots Financial Group led by Kevin Donaldson. Mother’s consists of a chain of restaurants, school canteens, Devon House Bakery, DHB Too, Pimentos, catering, bakeries, over 300 wholesale customers inclusive of schools, hotels, hubs and supermarkets. Mother’s continues on a successful financial path with the invaluable contribution from our 800 employees, customers and suppliers. We are confident that the new owners will maintain the same high standards and we wish them every success.”

The transaction was arranged and structured by Roots, with legal services provided by Patterson Mair Hamilton, the seller’s attorney and Carter Lindo, the purchaser’s attorney, according to the release.

It assed that transaction support was provided by PriceWaterhouseCoopers and Sygnus Capital.