AML Foods Limited announced yesterday that it will acquire business and assets of Exuma Markets Limited in George Town, Exuma and develop a hybrid Solomon’s, Fresh Market, Cost Right neighborhood offering for the island.
According to AML, the acquisition is still subject to due diligence, but an agreement has been penned and the deal is expected to close on May 29.
“The final purchase price will be determined based on the value of the assets at the time of closing and the company will make a further investment of $250,000 to remodel the store,” a statement from the company revealed.
AML Foods Limited President Chief Executive Officer Gavin Watchorn said in the statement that the company would build on the legacy the Minns family has built through Exuma Markets.
“Exuma Markets has been a strong operator on the island for many years, fulfilling an important role and we wish to thank the entire family, management and staff for the great work they have done in service to the Exuma community,” Watchorn said.
“We will work hard to ensure that we continue to support the island and surrounding cays.”
AML stated that the store will be remodeled and bring with it brands that exist only in AML’s supply chain.
“The concept will be a Solomon’s neighborhood store, but we will also offer residents the opportunity to shop our Fresh Market and Cost Right brands by leveraging our existing operations and supply chain,” said Watchorn.
“Our goal is to make our presence felt in a great way, so in addition to quality products and services, we are committing to supporting community initiatives important to the people of Exuma and doing our part in helping the island to continue to grow.”