Nassau Bahamas – 21 Sept 2021 – Private company, FIRSTROCK PRIVATE EQUITY LIMITED
(FRPE) has entered into a definitive agreement with My Ocean Limited (My Ocean) to
purchase 26% of the issued share capital for an undisclosed consideration.
My Ocean Limited, a Bahamian entity incorporated in 2005, specializes in manufacturing
and distribution of retail products across the Bahamas. My Ocean operates from a 10,000
sq ft studio in Nassau producing a variety of unique authentic Bahamian products which are
distributed through eight (8) prime locations in the Bahamas including the Baha Mar,
Atlantis and the Lynden Pindling International Airport. The agreement was signed in Nassau
Managing Director of FRPE, Chris Yeung, would not comment on the pricing of the deal but
stated that he is very excited about the partnership and is optimistic about the growth in the
Bahamas. “This purchase allows us to enter the real sector and diversifies our private equity portfolio.
This marks our second acquisition for 2021 after Dolla Financial Services Limited,” Yeung
said.This, he says, is in line with the company’s growth strategy.
“This acquisition is aligned with our strategy to be one of the leading Private Equity partners
for Small and Medium Enterprises in the Caribbean and Latin America,” Yeung added.
The proposed acquisition by FRPE is subject to regulatory authority and approvals in the
Bahamas and is scheduled to be completed by the fourth fiscal quarter of 2021, subject to
any extension by mutual agreement between the parties.
FRPE currently owns 75.0% of Dolla Financial Services Limited which has eight (8) locations
in Jamaica and one (1) in Guyana.