The Seprod-owned A.S. Bryden & Sons Holdings Ltd spent a combined US$3.6 million acquiring two Barbados-based companies in 2025, adding a food service distributor and a diversified consumer goods group to its regional portfolio as it pushes to deepen its commercial footprint across the Eastern Caribbean.
The deals were executed through Retail Acquisition Company Limited (RACL), a 55 per cent-owned subsidiary of the Trinidad-based group, according to Bryden’s annual report released last week.
The larger of the two deals was the purchase of a 50 per cent interest in Armstrong Agencies Limited (AAL), completed on September 1, 2025. Armstrong is engaged in the distribution and marketing of consumer products, food, pharmaceuticals, diagnostics, medical equipment and healthcare products across Barbados through its own operations and subsidiaries. The smaller deal was the purchase of H. Jason Jones & Co Limited, completed on April 30, 2025. That company distributes specialty coffee products, meat and seafood, beverage systems and other food service products to hotels and restaurants in Barbados.
Chief Executive Richard Pandohie in a Financial Gleaner interview framed the deals as foundational to the group’s strategy. “This investment marks a significant milestone in our strategic vision for regional expansion,” he said, describing Armstrong as a partner that strengthens the company’s Caribbean distribution network.
Pandohie has acknowledged that the next phase of growth must focus on efficiencies. “Our top line has been growing primarily through acquisition-related moves … now the idea is to translate that scaling up of revenue to the bottom line,” he said.
Bryden’s expanding footprint now spans Trinidad and Tobago, Jamaica, Barbados, Guyana, St Lucia and other Caribbean markets, giving it a growing presence in the distribution of food, pharmaceutical and consumer goods brands. That reach is central to Seprod’s long-term plans.
THE DEALS
Bryden paid BDS$6.0 million (US$3.0 million) in cash for the Armstrong stake, with a further BDS$500,000 (US$250,000) payable, pending the issuance of preference shares — bringing total consideration to US$3.2 million. The deal produced what accountants call a ‘bargain purchase’ — meaning, the fair value of Armstrong’s net assets exceeded what Bryden paid for it, generating a gain of US$38,000 rather than the goodwill premium that typically arises in acquisitions.
Turning to H. Jason Jones & Co Limited, Bryden paid BDS$800,000 (US$400,000) in cash, with goodwill of US$138,000 recognised on the transaction — reflecting a modest premium paid for expected synergies and growth opportunities in the Barbados market.
Chairman PB Scott in a Financial Gleaner interview made it clear that the expansion is not about short-term gains. “We’re not in this business for the next quarter. We’re building for the next 20 years,” he said, emphasising that investment decisions are designed to drive long-term export growth.
He added that the expanding network effectively transforms the regional bloc into a single marketplace. “The expansion … has combined to give the company a distribution platform across the entire CARICOM region, effectively recasting it as a domestic marketplace,” Scott noted.
During its financial year ending December 2025, Bryden reported revenue of US$613 million (TT$4.12 billion), up from US$498 million (TT$3.38 billion) in 2024, while net profit climbed to US$14.5 million (TT$98 million) from US$9.5 million (TT$64 million).
business@gleanerjm.com
