(Trinidad Guardian) The ANSA McAL Group announced yesterday that its wholly-owned subsidiary ANSA Coatings International has signed a definitive agreement to acquire the Caribbean business of Berger, the paint manufacturer.
A statement from the local conglomerate said the agreement is to acquire Lewis Berger (Overseas Holdings) Limited (LBOH) from Berger International Private Limited (BIPL), in an all-cash transaction, for an undisclosed sum, subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the third quarter of calendar year 2017.
LBOH is a privately held UK company with equity-ownership stakes of 100 per cent, 70 per cent and 51 per cent in Berger Paints Barbados Limited, Berger Paints Trinidad Limited and Berger Paints Jamaica Limited respectively. The combined Berger Caribbean business has estimated net sales of US$35 million.
Berger Paints Trinidad Ltd is a public company listed on the T&T Stock Exchange with issued share capital of 5,161,444 shares and market capitalisation of $20,903,848.20 as at the close of yesterday’s trading.