Kintyre Holdings optimistic about acquisitions

Having secured shareholder approval for a name change this week, the directors of Kintyre Holdings (JA) Limited (formerly iCreate Limited) are now proceeding to develop their new investment holding company through a number of planned acquisitions.

Following the adoption of a resolution at the annual general meeting held at the AC Hotel in Kingston on Wednesday, the newly rebranded will take over as the parent company of iCreate Institute, Visual Vibe and Get Paid and will be seen as the parent company of the business transformation from a digital and creative training unit , as it was when it operated as iCreate, into an investment holding company with a diversified investment offer.

Kintyre, to be identified by a new logo and slogan (See. Be careful. To achieve), according to the directors, this will be in line with an expanded vision and long-term growth strategy aimed at creating value across industries, encompassing a variety of investments and strategic ventures.

Informing shareholders of the latest plans, chairman, president and CEO Tyrone Wilson said the company is expected to become a global company, operating in a variety of industries such as real estate and food and beverage.

Having already participated in real estate holdings through its subsidiary Parallel Real Estate Development Ventures, after adopting another resolution at the General Meeting, the company will aim to acquire 51% of shares in this entity for USD 325.5 million supported by the stock exchange.

Parallel, developer of ‘The Chalet’, an initial eight-apartment housing development in St Ann, plans to increase the number of units to 26.

“Additionally, we have a partnership including a development in Kingston, which is a mixed-use and more commercial project, which we will announce later once all stages are finalized. Parallell is a fully operational entity in which we have invested over $1 million thanks to capital raised from partners,” said Wilson, presenting plans for the real estate portfolio.

The president and CEO, continuing efforts to also enter the hospitality and leisure sector, said steps are now being taken to acquire a 20% stake in Sevens Restaurant Limited for $25 million, also through stock.

Sevens Ultra Lounge, a two-year-old food and beverage establishment located at 7th Avenue Plaza on Constant Spring Road in St Andrew, currently offers evening dining, but executives see greater growth opportunities in enhancing their operations to include lunchtime and other new options with the re-launch of a new look ahead of the busy holiday season.

“We are excited about this entity because this business, which opens every day at 5 p.m., generates revenues in excess of $80 million annually. We are currently working with the owners of the company to look for ways to expand the company locally and in other countries outside of Jamaica,” Wilson said.

“Prior to Kintyre Holdings, iCreate was on an aggressive M&A path that led us to acquire Visual Vibe, Get Paid, as well as a number of other real estate partnerships. With our rebranding, we have decided to go a little further by going fully as a financial and investment services holding company because we believe that the talent we have, from the boardroom to the management level, can play a deeper role in several sectors in Jamaica and the world, so we are taking Kintyre Holdings to the global market and that is the plan,” he further noted, pointing out that the team remains very active in seeking opportunities to expand its investment portfolio.

“We have a number of partners in several countries that we are currently working with to make additional acquisitions in the British Virgin Islands and even Dubai as we look to take this business in a new direction as a diversified investment company,” Wilson said.

Kintyre’s management team, in addition to Wilson, currently includes chief financial officer Andrew Wildish and Rochelle Burnett as chief operating officer. In addition to the CEO, its board includes Donovan White, Anthony Dunn, Larren Peart, Adrian Smith and Nick Rowles-Davies, who is chairman of the investment and corporate governance committee. Other team members included Colando Hutchinson, mentor, and Jahmar Clarke, company secretary.

In its most recent financial year ended December 31, 2023, iCreate Limited reported revenues of $160.3 million, with a loss of $153.9 million and total assets of $709 million.

Still unclear what the next step will be after exceeding the $500 million capital limit, the CEO said that in the meantime, the company will continue to operate in the junior market until certain regulatory and management decisions are finalized and approved.

“We have already written to the Jamaica Stock Exchange (JSE) regarding our decision to remain in the junior market prior to the adoption of the latest resolutions, but (despite this) the board will continue discussions and then write to the JSE again regarding our next plan,” he said chairman.