(Trinidad Express) JAMAICAN conglomerate GraceKennedy announced last week that it has made a private equity investment in a full-service research and data intelligence consultancy called Bluedot.

In a regulatory filing, GraceKennedy said Bluedot was founded by entrepreneur and information technologist, Larren Peart in 2016. The company uses data collection and analytics to inform business insights and decision-making, according to GraceKennedy’s notice.

“The agreement will see GraceKennedy and Peart incorporating a new data research and analytics company, which will trade under the Bluedot brand,” according to the notice.

Loop Jamaica quoted GraceKennedy’s group CEO, Don Wehby, as saying: “Our private equity investment in Bluedot will lay the foundation for it to become the Caribbean’s leading strategic insights consultancy.”

Wehby also told Loop Jamaica: “Data is one of the most valuable resources of our modern digital age. We have all witnessed the way that the Covid-19 has accelerated digitalisation around the world, resulting in business become increasingly data driven.

“We consider this a prime area for investment. Larren and Bluedot are well placed in the market and they have established a solid track record and reputation for delivering services that meet the needs of the modern business.”

On Sunday, the Financial Gleaner reported that the private equity investment gives GraceKennedy a majority stake in the research company.

Peart told the publication that the investment by GraceKennedy gives Bluedot enough cash to execute on its long-time plan of extending its service offerings to markets like Guyana, Barbados, and The Bahamas, while boosting business in Trinidad & Tobago.

He expects to have a mix of virtual and brick-and-mortar offices set up in Guyana, Barbados, and the Bahamas within the next three months, Peart told the Financial Gleaner.

“We already have employees in Trinidad & Tobago, so next, we will be looking at Barbados. Trinidad has a huge fast-moving consumer-goods market, and there is quite a bit of attention on Guyana now because of its oil,” he said.

GraceKennedy will not be involved in the day-to-day operation of the firm but will guide the business through board memberships. Peart will remain as managing director.

“This is a strategic partnership not just for both companies. For Bluedot, we will be leaning on GK’s corporate governance but will better position us for our upcoming IPO. I’ve also spoken a lot about expanding to the other parts of the Caribbean, and now that process is at a very advanced stage,” Peart told the Financial Gleaner.