The ANSA McAL Group announced today that its wholly-owned subsidiary ANSA Coatings International has signed a definitive agreement 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%, 70% and 51% 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.
Speaking about the pending transaction, Group Chairman and Chief Executive of the ANSA McAL Group of Companies, Mr. A. Norman Sabga noted that the acquisition of LBOH will further enhance the Group’s position in the Caribbean architectural coatings market. “Berger is best known for its well-positioned paint brands throughout the region. The architectural coatings industry has enjoyed a period of healthy innovation over the last decade. Through this acquisition, we hope to address an expanded customer base with a broader suite of product offerings and superior levels of customer service and support”, Mr Sabga concluded.
About ANSA McAL Limited:
Headquartered in Port of Spain, Trinidad and Tobago, the ANSA McAL Group is a diversified conglomerate across eight industrial sectors and operating in over eight territories. ANSA McAL is publicly listed on the Trinidad and Tobago Stock Exchange with market capitalisation of US$1.7 billion. Through its ANSA Coatings Limited subsidiary, it has produced and marketed paints, coatings and materials trusted by customers for over 55 years.
Corporate Communications Department
ANSA McAL Group of Companies
Friday 16th June, 2017