JP executes Miami acquisition
- Following its most successful year on record, with consolidated revenue of $25.02Mn across 10 countries and territories, Jamaica Producers Group Limited (JP) has acquired Miami Freight and Shipping Company (MFSC) through its UK subsidiary JP Shipping Services Limited.
- Since disposing of a 22.1 per cent stake in SAJE Logistics Infrastructure Limited in 2020, JP has been on an acquisition path as it recently acquired UK-based Geest Line Limited (GLL), Spanish-based Co Beverage Lab SL, and Dominican-based Grupo Alaska.
- MFSC has been engaged in the freight handling, logistics, and shipping business for more than 40 years, with more than 20 years spent shipping to Jamaica and 11 other territories in the Caribbean. The company’s services include on-site packaging and crating, cargo consolidation, nationwide cargo pickup, and shipping of specialised cargo such as cars, trucks, excavators and other machinery.
- JP continues to act on opportunities for growth in commercial cargo handling, e-commerce shipping, and export facilitation. The acquisition of MFSC is in line with this vision. Going forward the addition of this new subsidiary is expected to increase its market share in the US to the Caribbean shipping business, which augurs well for both revenue and net profit growth.
(Source: JP website and NCBCM)