A.S. Bryden spends US$3.6m on Barbados acquisitions

Seprod-linked A.S. Bryden & Sons Holdings Ltd put US$3.6 million into two Barbados businesses during 2025, widening its regional holdings with a food service supplier and a broad-based consumer goods distributor as it seeks a stronger foothold in the Eastern Caribbean.

The purchases were made by Retail Acquisition Company Limited, RACL, which is 55 per cent owned by the Trinidad-based group, according to Bryden's annual report published last week. The bigger transaction was the September 1, 2025 acquisition of a 50 per cent stake in Armstrong Agencies Limited, AAL. Armstrong sells and markets consumer items, food, pharmaceuticals, diagnostics, medical equipment and healthcare products in Barbados through its own business and subsidiaries.

The second acquisition, completed on April 30, 2025, involved H. Jason Jones & Co Limited. That company supplies Barbados hotels and restaurants with specialty coffee, meat and seafood, beverage systems and other food service items.

Chief Executive Richard Pandohie told the Financial Gleaner that the purchases form part of the base for the group's regional build-out. "This investment marks a significant milestone in our strategic vision for regional expansion," he said, adding that Armstrong helps to reinforce the company's Caribbean distribution system.

Pandohie has also said the company now has to put more attention on operational gains. "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 now operates across Trinidad and Tobago, Jamaica, Barbados, Guyana, St Lucia and other Caribbean territories, expanding its role in the movement of food, pharmaceutical and consumer goods brands. That wider platform is an important part of Seprod's longer-term plan.

For Armstrong, Bryden paid BDS$6.0 million, or US$3.0 million, in cash for the half shareholding. Another BDS$500,000, equivalent to US$250,000, is due once preference shares are issued, taking the full price to US$3.2 million. The transaction resulted in a bargain purchase, the accounting term used when the fair value of a company's net assets is above the purchase price. In this case, Bryden booked a US$38,000 gain instead of the goodwill cost often seen in takeovers.

For H. Jason Jones & Co Limited, the price was BDS$800,000, or US$400,000, paid in cash. Bryden recognised US$138,000 in goodwill on that deal, reflecting a small premium tied to expected synergies and growth prospects in Barbados.

Chairman PB Scott told the Financial Gleaner that the regional push is being shaped by a long horizon rather than near-term returns. "We’re not in this business for the next quarter. We’re building for the next 20 years," he said, noting that the investment choices are intended to support export growth over time.

Scott said the enlarged network helps turn CARICOM into one operating market for the company. "The expansion … has combined to give the company a distribution platform across the entire CARICOM region, effectively recasting it as a domestic marketplace," he said.

For the financial year ending December 2025, Bryden reported revenue of US$613 million, or TT$4.12 billion, compared with US$498 million, or TT$3.38 billion, in 2024. Net profit rose to US$14.5 million, or TT$98 million, from US$9.5 million, or TT$64 million.