Kintyre Holdings Jamaica has entered into a strategic joint venture with Miracle Corporation in a move aimed at expanding its footprint in Jamaica's consumer goods market.
Under the arrangement, Kintyre's subsidiary Brands of Loyalty Dividends (BOLD), in which Kintyre holds a 70% stake, will serve as the product owner for BOLD consumer goods as well as other well-established brands.
Distribution will be handled through Miracle Corporation's nationwide network, which has been built over more than five decades.
Miracle Corporation is a leading Jamaican manufacturer and distributor of consumer goods and has been operating since 1973 under the leadership of Chief Executive Officer Richard Anthony Lee.
The company says specific BOLD-branded products will be announced at a later date.
The transaction implies an overall valuation of more than $370 million.
Kintyre says the joint venture is expected to generate immediate revenue and profitability, as several of the products involved are already established in the local market.
Earnings from this portfolio, along with contributions from Kintyre's other subsidiaries, are expected to support a new dividend regime, which the company says will be announced shortly.
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