THE ANSA McAL Group has announced that its wholly owned subsidiary ANSA Coatings International has signed a definitive agreement to acquire Lewis Berger (Overseas Holdings) Limited (LBOH) from Berger International Private Limited (BIPL).

The conglomerate in a release said the all-cash transaction for an undisclosed sum is subject to customary closing conditions, including regulatory approvals.

The transaction is expected to close in the third quarter of calendar year 2017.

LBOH is a privately held UK company with equity-ownership stakes of 100 per cent, 70 per cent and 51 per cent in Berger Paints Barbados Limited, Berger Paints Trinidad Limited and Berger Paints Jamaica Limited, respectively.

The combined Berger Caribbean business has estimated net sales of US$35 million.

Speaking about the pending transaction, Group Chairman and Chief Executive of the ANSA McAL Group of Companies, Norman Sabga, noted that the acquisition of LBOH will further enhance the group’s position in the Caribbean architectural coatings market.

“Berger is best known for its well-positioned paint brands throughout the region. The architectural coatings industry has enjoyed a period of healthy innovation over the last decade. Through this acquisition, we hope to address an expanded customer base with a broader suite of product offerings and superior levels of customer service and support,” Sabga said.

Headquartered in Port of Spain, Trinidad and Tobago, the ANSA McAL Group is a diversified conglomerate across eight industrial sectors and operating in over eight territories.

ANSA McAL is publicly listed on the Trinidad and Tobago Stock Exchange with market capitalisation of US$1.7 billion.  Through its ANSA Coatings Limited subsidiary, it has produced and marketed paints, coatings and materials trusted by customers for over 55 years.