Derrimon Trading acquires Spicy Hill Farms
Derrimon Trading has acquired 100 per cent ownership of Spicy Hill Farms.
The announcement was made by the company in a statement to the Jamaica Stock Exchange.
The Trelawny-based Spicy Hill Farms, an award-winning manufacturer of the authentic Jamaican Ram Goat Soup 'Mannish Water', was incorporated in 2006 by its founder, the late Brascoe Lee.
The Spicy Hill line of products are currently available in more than 200 retail outlets in Jamaica and in major markets in the United States, Canada, the United Kingdom and the Caribbean.
Derrimon says with the acquisition, it will expand its export portfolio.
"We are very pleased with this new acquisition, and see the great opportunity that the Spicy Hill Farms brand has in both the local and major Diaspora markets," said Chairman and CEO Derrick Cotterell.
He said the acquisition will also play a major role in the growth strategy of broadening the range of products and increasing manufacturing capacity to ensure the constant supply of existing and new products.
Spicy Hill Farms will also be relocating its factory from Trelawny to a new facility at 235 Marcus Garvey Drive, Kingston 11.
With this newly built plant, the Derrimon group projects increased sales, the introduction of many new products and an increase in innovation through distribution.
Brandon Lee, managing director and grandson of the late Brascoe Lee, is confident that Derrimon will be able to achieve his grandfather's vision of expanding Jamaican products to the world.
"We are excited for the possibilities," he said.
As part of the transition, Lee will continue to be intricately involved in the set-up of the new facility and the production and introduction of new products to market.
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