BRIDGETOWN, Barbados, April 3, 2008 - Barbadian company Goddard Enterprises Limited (GEL) has taken controlling interest in one of St. Lucia's largest conglomerates and oldest businesses, Minvielle & Chastanet Limited (M&C).
The acquisition brings an end to the control of the company by the Devaux family since the inception of the company in 1864. M&C comprises seven subsidiaries and two divisions, and employs approximately 600 people throughout the group.
In a statement announcing the move, GEL indicated that under this strategic alliance, the Devaux family will retain an interest in the family business and will also acquire a shareholding in the Barbadian company.
"It is anticipated that there will be no changes in the management and staff of M&C as a result of this new shareholding arrangement. Recognising the opportunities and challenges that will be associated with regional integration and consolidation, this alliance is seen as a vote of confidence in the ability of Caribbean based companies to grow in an increasingly competitive market place," the GEL statement indicated, added that the company was fully behind the concept of the CARICOM Single Market and Economy (CSME).
"We...see this acquisition as an ongoing strategy to continue to grow our group both regionally and extra-regionally. The diversity and strength of the combined entities will allow us to take advantage of numerous expansion possibilities throughout the region and to capitalise on the economies of scale which will accrue to the larger combined entity going forward," it added.
M&C has operations in hardware retail and distribution, food and liquor distribution, insurance, shipping, pharmaceutical retail & distribution and the distribution of Texaco domestic cooking gas and related petroleum products.
The group also has a controlling interest in Solar Dynamics (EC) Limited which manufactures and distributes solar water heaters throughout the region.
GEL has varied business portfolio that encompasses interests in the Caribbean as well as Central and South America. It's subsidiary companies are in airline catering, industrial and restaurant catering, meat processing, bakery operations, automobile retail and automotive parts, real estate, the manufacture of aerosols and liquid detergents, investments, rum distilling, general trading, packaging, fish and shrimp processing, property rentals, general insurance, financing as well as shipping agents and stevedoring.
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