September 25, 2018
WISYNCO Group Limited has negotiated a five-year exclusive distribution agreement with Worthy Park Estate Limited (WPEL) for the distribution of the company’s spirits and sugar.
The deal follows an equity investment by Wisynco’s parent company, Wisynco Group (Caribbean) Limited (WGCL) into Worthy Parrk.
Chairman of Wisynco William Mahfood said he considers the agreement a win-win situation, according to a release issued on behalf of the company.
“We expect an annual revenue increase of approximately $2 billion once we take over the distribution of both the sugar and spirits portfolios. Additionally in 2019, Worthy Park will introduce new retail packaging for sugar. We (Wisynco) will be handling distribution, sales, trade marketing, and advising on product innovation while Worthy Park will handle manufacturing and consumer marketing.
“We are confident in their products as they are producers of the highest quality sugar and we are aiming to get their brands to every shop in the island. This partnership will present no risks to current profits and can only add benefit to our investors,” Mahfood said.
According to the release, the 30 per cent acquisition by WGCL, positions Wisynco as one of the largest agro distributors in the island as they continue to invest in the Jamaican economy and increase their footprint and support of local manufacturing and agriculture.
“This is also evidenced by Wisynco’s investment in Trade Winds Citrus (Tru Juice), which equated to a 50 per cent stake in that company.