PJAM has advised of the sale of its 33.3% stake in New Castle Company Limited (New Castle) effective December 21, 2022.
New Castle manufactures and distributes jerk sauces and seasonings, and other condiments under
the brands Walkerswood, Busha Browne’s and Jamaica Joe, which it owns.
According to Joanna Banks, PanJam’s Chief Executive Officer: “Our investment in New Castle
was in line with PanJam’s strategy to take meaningful equity positions in Jamaican companies
with strong brands, foreign exchange earning potential and a global reach. New Castle has
certainly carved a niche for itself in the specialty food space. While we expect the company to
continue on its growth trajectory, PanJam’s investment objectives have been met.”
