HADCO Group acquires Caribbean LED Lighting
The HADCO Group, a successful Trinidad and Tobago based conglomerate, has acquired a controlling interest in the leading Barbadian energy efficiency lighting manufacturer, Caribbean LED Lighting Inc.
CEO of Caribbean LED Lighting Inc. (CLL), Gerard Borely made the announcement yesterday evening, at the CLL factory located in Unit 1 Dega Complex, Lower Estate, St. Michael.
He explained that the company was launched in 2011 as a manufacturer of commercial, industrial and residential LED lighting. It was founded by Jim Reid, who served as Chairman from 2014, but who stepped down from that role in November 2018. Reid however remains as an advisor until February 2019.
“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,” Borely noted, whilst stressing that the company now focuses heavily on exporting high quality products to more than 18 countries and is an innovator in energy-efficient lighting technology.
John Hadad, Group Co-Chief Executive Officer with the HADCO Group, which is also operated by Robert and Joseph Hadad, was on hand for the ceremony. He revealed that the Group, which was established in 1992, is comprised of five main divisions – Food and Beverage, Wine and Spirits, Electrical and Lighting, Manufacturing and Recycling, and Logistics and Services. The deal was sealed he said, to achieve synergies between the two operations and to further widen the reach and influence of the successful T&T based company.
“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,” Hadad commented.
CLL meanwhile 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.
In terms of the expertise within the organisations and the impact of the acquisition on the Barbadian economy, Borely remarked, “We believe that the human resources within both operations are among our most valuable collective assets.”
He also added, “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 and Nevis and Grenada, CLL’s manufacturing activity will continue in Barbados and benefit from the HADCO Group’s stable financial base, expertise and international reach, the parties indicated. (RSM)