GraceKennedy has signed a deal to acquire the remaining 30% stake in Catherine’s Peak Bottling Company, securing 100% ownership of the spring water business.
Jamaica-based consumer-goods group GraceKennedy is to buy the shares from drinks manufacturer Spike Industries. The financial terms of the transaction were not disclosed.
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GraceKennedy became the majority shareholder in Catherine’s Peak Bottling in 2023 when it took its stake in the business from 35% to 70%.
According to Frank James, the CEO of GraceKennedy’s domestic food division, the company has been actively “strengthening” its presence in Jamaica’s expanding spring water market in recent years.
These efforts include the 2021 acquisition of 876 Spring Water and the 2023 takeover of Unibev, a local beverage company.
James said the stake increase “perfectly aligns” with the company’s “strategy to own leading Jamaican brands which deeply resonate with consumers and have significant global market potential”.
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By GlobalDataHe also underscored Catherine’s Peak’s “strong” market standing and growth prospects.
Since GraceKennedy’s initial investment in 2018, the brand has played a crucial role in the company’s food portfolio, James said, adding the deal is “another significant step” for the company’s “ambitious growth strategy” for both Catherine’s Peak and its food business.
GraceKennedy markets Caribbean food and beverages globally through brands such as Grace and Dunns River, while also operating in the insurance and banking sectors.
By 2030, it hopes to be “the number one Caribbean brand in the world”.
Looking ahead, GraceKennedy aims to introduce new products under the Catherine’s Peak brand while seeking further opportunities to expand its market presence.
“In keeping with these efforts, we are current finalising plans to launch Catherine’s Peak exports to the Cayman Islands in 2025 and anticipate further growth into new territories in the future,” James added.
