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
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
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.
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.
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.