GraceKennedy Sells Holdings in Versair & Fidelity Motors

The GraceKennedy Group has entered into an agreement to sell its interest in Fidelity Motors Ltd and Versair In-flite Services (2006) Ltd, for a purchase price in excess of J$350 million.

GraceKennedy’s 51% interest in Vesiar is being sold to GCG Jamaica Services (St. Lucia) Limited, the other shareholder in the airline catering services company.

GraceKennedy’s 30% interest in Fidelity Motors, distributors of Nissan vehicles in Jamaica, is being sold to Goddard Nissan (St. Lucia) Limited the other shareholder in the joint venture.

Both GCG Jamaica Services (St. Lucia) and Goddard Nissan (St. Lucia) Limited are members of the Goddard Enterprises Limited Group.

According to Mr. Courtney Campbell, Chief Executive Officer of GK Investments, GraceKennedy’s decision to divest its interest in these companies is based on a desire to focus on those businesses which have been chosen as core businesses for GraceKennedy. He noted that GraceKennedy and Goddard Enterprises Group have enjoyed a strong, positive relationship over the years of their joint venture association.

The operations of Versair In-flite Services (2006) Ltd will continue to be managed by Goddard Catering Group, a subsidiary of Goddard Enterprises Ltd, which manages a network of in-flight, industrial, event catering & terminal concessions in 22 countries in Latin America & the Caribbean. The transition of ownership of Versair and Fidelity Motors will be seamless for customers, employees and suppliers.