Blue Equity, a private equity firm headquartered in Louisville, has acquired a controlling interest in Cool Petroleum Limited, the licensed user of Shell brand in Jamaica.
Cool Petroleum is one of Jamaica’s largest corporations, with 2011 revenues of more than $370 million, and is one of the largest suppliers of raw materials in Jamaica, serving a variety of manufacturing industries such as furniture, paints, coatings, packaging, adhesives and the automotive sector. In addition, Cool maintains the only commercial bulk chemical storage facil- ity in Jamaica and serves as a supply hub for the entire Caribbean market. It is currently a market leader in the region and is in the process of expanding its product line.
Blue Equity purchased controlling interest in Cool Petro- leum pursuant to agreements through which it acquired Neal and Massy Holdings Ltd.’s stake in Cool Petroleum and an undeclared number of Cool Petroleum shares from Cool Corp Limited. Financial details of the transaction were not disclosed.
Jonathan S. Blue, chairman and managing director of Blue Equity, will assume the role of chairman and CEO of Cool.
Blue Equity’s other portfolio interests in the Caribbean already include Island Ice & Beverage Co. Limited (IIBC), which manufactures and distributes packaged ice and vari- ous beverages in the Caribbean. Through its retail and wholesale channels, IIBC supplies over 750 locations in Jamaica and operates industrial manufacturing facilities in Kingston and Montego Bay, Jamaica.