Kingston, Jamaica, June 12, 2014 -- IFC, a member of the World Bank Group, will provide a $20 million equity investment in Jamaica-based Facey Group, a major technology distributor and leading provider of wireless technology solutions with operations in more than 30 Central American and Caribbean countries. IFC’s investment will provide long-term growth capital required for the company to expand, thereby supporting jobs and increasing efficiency throughout the telecom, IT, food and pharmaceutical value chains.
Facey employs more than 3,200 people across Central America and the Caribbean. The centerpiece of its business model is a regional distribution and service platform covering over 150,000 points of sale that allows the company to benefit from economies of scale and access smaller markets than could otherwise be serviced in an economically viable manner.
“We are privileged to have IFC as a shareholder and strategic partner. In addition to capital, IFC brings non-financial resources of tremendous value,” said Paul Scott, Chairman of the Facey Group and Chairman of its parent company, the Musson Group.
Nigel Clarke, Director of Facey Group and Deputy Chairman of the Musson Group, added, “this investment by IFC will allow Facey Group to achieve its strategic objectives, thereby providing better service to a wider network of customers.”
By becoming a shareholder in Facey Group, IFC will support business and employment opportunities across the company's value chain. It will also enable medium and large businesses to operate more efficiently through Facey’s offering of innovative business processing, information technology, and document outsourcing services.
"We believe that Facey’s future growth will be fuelled by recent trends in the region, such as the proliferation of mobile services and broadband internet," said Aniko Szigetvari, IFC Head of telecom, media and technology for Latin America and the Caribbean, and Africa. "We expect these developments to boost innovation and create exciting, new opportunities in sectors such as broadband, data centers, and information technology.”
Since Jamaica became a member of IFC in 1964, IFC has invested $676.5 million in the country’s private sector, including $234.2 million in syndications. IFC’s strategy in Jamaica is focused on improving the business environment and supporting public-private partnerships in energy, transport and logistics infrastructure, to help address climate change challenges and reach low-income individuals. IFC is also supporting micro, small and medium enterprise owners gain better access to finance. Finally, other key sectors include tourism, manufacturing, health, education and information technology.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. IFC helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY13, our investments reached an all-time high of $25 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
About Facey
Founded in Jamaica in 1926 as a representative of multinational brands in the Caribbean, with focus on pharmaceutical and mass consumption food products, Facey is today a diversified regional player, a major technology distributor, and a leading provider of end-to-end supply chain solutions to the wireless technology sector in the Central America and Caribbean region, as well as one of the largest distributors of consumer and pharmaceutical products in Jamaica.
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