Pan Jamaica Group Limited paid $410 million for its just over 64 per cent stake in Frankly Juice, a Danish juice brand with a Scandinavian market.
Concurrently, the group earned one-third higher profit for its full year ending December.
The deal was completed last October, though the purchase price was not disclosed at the time. Pan Jamaica acquired the 64.1 per cent stake through its subsidiary The Juicy Group UK for consideration of $410 million, with no deferred or contingent consideration.
Total net assets acquired were $441 million, of which $159 million was attributable to non-controlling interests. The group also recognised goodwill of $127 million on consolidation, attributed to the workforce and expected market share gains for the wider Juicy Group business.
“The acquisition strengthens The Juicy Group’s commercial and operational presence in the Nordic market, which is a key European market for high-quality fresh juices, smoothies and shots,” Pan Jamaica stated in its audited financials.
Since the acquisition, Frankly Juice has contributed revenues of $185 million and a net loss, after amortisation arising on consolidation, of $8 million. Had the acquisition taken place on January 1, 2025, group revenues would have been $1.4 billion higher and net profit $76 million higher – figures that suggest the deal could pay for itself in under five years, based on Financial Gleaner estimates.
Geographically, Jamaica accounts for 47 per cent of Pan Jamaica group revenue; the Netherlands, 25 per cent; and other European countries, 18 per cent – together representing 90 per cent of the total. The remainder comes primarily from other Caribbean countries, North America and the United Kingdom.
Group results
Turning to the wider Pan Jamaica group, net profit for the full year to December rose 33 per cent to $8.1 billion from $6.1 billion in 2024, with profit attributable to shareholders reaching $6.3 billion, a 37 per cent increase. The results came despite Hurricane Melissa’s impact on its largest revenue segment, specialty foods. That said, gross operating revenue climbed 13 per cent to $45.3 billion from $40 billion.
“The Category 5 hurricane caused significant damage to our banana farm, generating an impairment of agricultural assets, the suspension of banana sales, and the incurrence of expenses to rehabilitate the farm and to cover fixed overheads. We are satisfied with the pace and quality of recovery programs and expect to resume full production in 2026,” the financial report stated.
The group holds a total asset base of $153 billion, with operations across four segments: property and infrastructure, financial services, global services – principally logistics – and specialty foods. Pan Jamaica is headed by Chairman Stephen Facey, with Jeffrey Hall as vice-chairman and CEO.
Specialty foods, which accounts for about 55 per cent of group revenue, posted revenues of $25.2 billion for the year, up 10 per cent, but profit before finance costs and taxation fell 36 per cent to $356 million, hurt by Hurricane Melissa’s damage to JP Farms. The Category 5 hurricane triggered an impairment of agricultural assets, a suspension of banana sales and rehabilitation costs. Management said it expects to resume full production in 2026.
The property and infrastructure division generated profit before finance costs and taxation of $1.7 billion, up 21 per cent, anchored by the group’s commercial real estate portfolio spanning business hotels, retail centres and corporate offices.
The global services division – which includes interests in Kingston Wharves and the Geest shipping line – earned profit before finance costs and taxation of $5 billion, up 27 per cent, on revenues of $15.4 billion, a 19 per cent increase.
The financial services division, which holds a 30.2 per cent interest in Sagicor Group Jamaica, reported profit before finance costs and taxation of $4.9 billion, a 77 per cent increase year-over-year.
business@gleanerjm.com
