Caribbean Flavours To Expand - Hires Mayberry To Raise Capital For Growth

Anand JamesCaribbean Flavours & Fragrances Limited, a purveyor of scents and flavours for a dozen years under its current owners, is about to expand and has secured the services of Mayberry Investments for advice on how best to raise the necessary capital.

CFFL, whose sales amounts to J$200 million per year, aims to expand operations beyond its presence in Kingston into western Jamaica and to spread a wider net across Caribbean markets. Mayberry has largely been the go-to firm for brokering initial public offerings on the junior stock market, but James said a decision is pending on the financing option to be pursued.

Chairman and Managing Director Anand James said he will meet today with Mayberry, which was signed as financial adviser to CFFL last week. The company is owned equally by Anand and Joan James, according to company filings.

"Listing on the junior market - well, we may go that route; but those are questions for Mayberry, and we have a meeting tomorrow and will discuss that possibility," Anand said on Tuesday.

Whatever the means, the funds raised will provide working capital, build out a putative warehouse in western Jamaica, and build cold storage for CFFL's new revenue stream - that of juice concentrate, he said. The company currently supplies flavour concentrate and fragrances to large and small firms who utilise the raw materials for popular products.


"We are big in Kingston area, but we have a major client in [western Jamaica] and we would like to better supply them," James said. "We also haven't been able to focus on the Caribbean ... including Guyana and Trinidad."

CFFL has been under James' control since 2001 when he purchased the company from International Flavours and Fragrances (IFF), which at the time was selling off its operations in small markets, including Jamaica.

In 2000, IFF acquired the worldwide operations of Bush Boake Allen, a now-defunct company with a more than 100-year legacy. The Bush Boake Allen emblem, which is similar to a spiral, largely remains in place, with a newly added flower in the centre. Today, Caribbean Flavours is one of the largest businesses of its kind in the English-speaking Caribbean.

"We have been growing rapidly in the last three or four years. While the first eight years was slow growth, it is interesting that when economies around the world were flat, we were growing," James said. Large and small drink companies found it cheaper to buy their flavourings locally as opposed to imports, he said.

CFFL is a preferred supplier to some of the Caribbean's food and beverage conglomerates, including J Wray & Nephew, Grace Canning, Pepsi-Cola Jamaica Bottling, Wisynco, Nestlé Jamaica, as well as distillers in Barbados, Trinidad and St Kitts, as well as DDL Guyana, said Mayberry in a statement.

"We are very pleased to now represent yet another manufacturer/distributor as financial advisers and we believe that an opportunity to guide a company through the process of raising equity contributes significantly to the growth of this economy," said Mayberry's senior vice-president of corporate finance, research and special projects, Tania Waldron-Gooden.

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Current board members of Caribbean Flavours & Fragrances:

  • Anand James, chairman
  • Dr Joan James, secretary
  • Howard Mitchell, independent
  • Billy Heaven, independent
  • Clive Nicolas, independent

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Caribbean Flavours and Fragrances Limited
Phone: +1 (876) 923-5256
(876) 937-0366 & (876) 648-4993
Fax: 1-876-923-4223

Caribbean Flavours and Fragrances Limited is dedicated to providing its customers with Flavours and Fragrances of the highest Quality and Functionality. We will maintain consistency in our batches through Internal and External Quality Systems. We Endeavour to ensure that our customers, our employees and all our stakeholders are satisfied by our daily efforts to “TEASE THE SENSES”

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