LOUISVILLE, Ky. & KINGSTON, Jamaica -- Blue Equity LLC and Cool Corp. Ltd. said that Blue Equity has acquired a controlling interest in Cool Petroleum Holdings Ltd., the licensed user of Shell brands in the country of Jamaica.
Louisville, Ky.-based Blue Equity purchased controlling interest in Cool Petroleum pursuant to agreements through which Blue Equity acquired Neal and Massy Holdings Ltd.'s stake in Cool Petroleum and an undeclared number of Cool Petroleum shares from Cool Corp.
Cool Petroleum, the licensed user of Shell brands in Jamaica, is an integrated downstream petroleum products business operating in the captive Jamaican market. Cool Petroleum is the exclusive distributor of Shell bulk fuels, Shell chemicals and Shell lubricants in Jamaica. It is the largest fuel retailer by volume in Jamaica and operates an extensive network of more than 50 gas stations on the island under the Shell brand.
Cool Petroleum also markets to companies that benefit from purchasing fuel, lubricants and raw materials (chemicals) in bulk for commercial fleets or heavy machinery. Cool Petroleum is one of the largest corporations in Jamaica with 2010 reported revenues in excess of $330 million U.S. and projected 2011 revenues of $370 million.
The company maintains the only commercial bulk chemical storage facility in Jamaica and serves as a supply hub for the entire Caribbean market. It is a market leader in the region and is in the process of expanding its product line.
Cool Petroleum's headquarters will be in Louisville and is expected to create up to 15 jobs there within the next two years, Jonathan S. Blue, chairman and managing director of Blue Equity, told the Louisville-based Courier-Journal.
"Blue Equity is very pleased to announce this transaction and would like to congratulate and welcome all of our partners, customers and employees into the Blue Equity family with the purchase of Cool Petroleum," said Jonathan S. Blue, chairman and managing director of Blue Equity.
"We look forward to continuing to build on the momentum of now owning the largest set of private petroleum storage and distribution assets in Jamaica. In particular, we are looking forward to owning an island-wide retail network of service stations operating under the Shell brand, one of the greatest brands in the world. Most importantly, we are very excited to be a part of one of the leading companies in the country of Jamaica," he added.
"The Cool Group of Cos. is pleased to welcome our new partners to Jamaica. We are grateful for the five year partnership we enjoyed with Neal and Massy. I am proud of what we have accomplished and we now look forward to working with Blue Equity to take Cool Petroleum to the next level," said Joe Issa, chairman of Cool Corp.
Jonathan Blue will assume the role of chairman and CEO of the company. The senior executive team will also include Steve Whittingham, who brought the parties together for the transaction, and Rodney Davis, who has served on an interim basis with the companies during the last year and who will be the group financial officer.
Blue Equity is an independent, private-equity firm. Its other portfolio interests in the Caribbean already include Island Ice & Beverage Co. Ltd., which manufactures and distributes packaged ice and various beverages in the Caribbean. Through its retail and wholesale channels, the company supplies more than 750 locations in Jamaica. It operates industrial manufacturing facilities in Kingston and Montego Bay, Jamaica from which it supplies a diversified group of customers including hotels, supermarkets, gas stations, pharmacies, agro-processors, night clubs, sporting facilities and the maritime industry.
The Cool Group is a Caribbean based portfolio of businesses with interests in distribution, hospitality, finance, manufacturing and retail. The Cool brands also include Cool Cash, Cool Signs, Cool Kidz Stuff, Cool Automotive Distributors, Cool Beach Stuff, CoolBiz, Cool Wind, Cool Connection, Cool Cable, Cool Gear, Cool Tours and Cool Casinos.
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