December 10th, 2018
PRESS RELEASE – FOR IMMEDIATE RELEASE
HADCO Group acquires Barbadian Lighting Manufacturing Company
HADCO Group has acquired a controlling interest in leading Barbadian energy efficiency lighting manufacturer, Caribbean LED Lighting Inc. (CLL). The Group established in 1992 is comprised of five main divisions – Food & Beverage, Wine & Spirits, Electrical & Lighting, Manufacturing & Recycling and Logistics & Services.
The deal was sealed to achieve synergies between the two operations and to further widen the reach and influence of the successful Trinidad and Tobago based conglomerate. “This acquisition has the potential to positively influence efforts to achieve the energy efficiency goals of the region and to bring continued vigour to the Barbadian manufacturing sector,” said John Hadad, HADCO Group Co-Chief Executive Officer.
CLL is the sole manufacturer of LED lighting in Barbados. A major player in the sector regionally, the company is considered to be one of the fastest growing manufacturers in the Caribbean. John Hadad explained, “this move is in recognition of the ideal fit between this innovative enterprise in Barbados and our own success as a diversified operation, which is concerned about preserving the natural environment, while achieving financial stability and success”.
CLL was launched in 2011 as a manufacturer of commercial, industrial and residential LED lighting. It exports high-quality products to more than 18 countries and is an innovator in energy-efficient lighting technology. Founded by Jim Reid, who served as Chairman from 2014, CLL is grounded on a basic principle that Reid espoused throughout his tenure, which is to “do some good, make some money, have some fun”.
Reflecting on the impact CLL has had on Barbados and the region, CLL’s CEO Gerard Borely noted, “Jim not only birthed a bright idea that has burgeoned into CLL, he believed in it and inspired his team and others to believe in it as well. He has placed us on a solid path to success”. Jim Reid stepped down from his role as Chairman in November 2018 but remains as an advisor until February 2019.
In terms of the expertise within both organisations and the impact of the acquisition on the Barbadian economy, Borely noted, “we believe that the human resources within both operations are among our most valuable collective assets. This acquisition will contribute positively to the prospects for economic recovery in Barbados”.
With offices in St. Lucia and distributors in Trinidad and Tobago, St. Vincent, Antigua, Guyana, St. Kitts & Nevis and Grenada, CLL’s manufacturing activities will continue in Barbados and benefit from HADCO Group’s stable financial base, expertise and international reach.