Future Energy Source Company Limited (FESCO) has acquired a liquified petroleum gas business, Wilson Beck LPG Limited. This deal comes against the backdrop of strong numbers posted by the gas station company for the quarter that ended December 2022 recorded operating profits of J$155.59 million, which reflects a 134.10% increase which equates to J$89.127 million year-over-year increase.
The transaction is a part of a wider strategic initiative where the company will be entering in the home market with a cooking gas brand called, FESGAS. FESCO Managing Director Jeremy Barnes, sees this as an important deal to further expand the company’s reach and create more value.
He states, “The assets appealed to us for many reasons, including the plant’s capacity and throughput. We are intentional about opportunities that allow us to expand our value-added products and to efficiently serve our broad customer-base. Our shareholders have placed a lot of confidence in FESCO, and we are working to continue to deliver meaningfully, especially on the goals outlined in our Prospectus.”
On the other side of the deal, Wilson Beck LPG Managing Director Gregory Beck sees this deal as the right choice given current movements in the market.
“Based on the changing landscape of this industry, it was the right move for us at this time. FESCO will inherit a state-of-the-art LPG filling plant at Bernard Lodge, St Catherine as well as a loyal group of gas dealers from the distribution network we have built in south-eastern Jamaica.”
This is an important step for FESCO to further expand its business and provide more value to customers.
