How Derrick Cotterell, chairman and group CEO, Derrimon Trading Company Ltd, chosen the Best Latest (Local) Product:
Oji Jaja’s Ashebre line of products: Smoked Scotch Bonnet Pepper Sauce and Blackening Spice was ultimately chosen because the winner due to:
• excellent product quality
• excellent packaging
• label design as much as international standard and quality
• products are ready for the international market
The winner of the Best Latest (Local) Product will, courtesy of Derrimon Trading Company Ltd:
• have the product on the shelves at FoodSaver NY and Good Food For Less (Brooklyn) to achieve international exposure and sales
• have the product in Select Grocers and/or Sampars
• be considered for distribution through Derrimon
Feedback from Oji Jaja
“It was such an honour to have been nominated for Caterer of the Yr and Best Latest (Local) Product. Nonetheless, to have won each prestigious awards was not expected in any respect. I consider it such a privilege to be recognised by industry professionals and my peers. Words cannot begin to precise the appreciation I actually have knowing that our products are going to be taken to Latest York by Derrimon Trading Ltd. My team and I actually have been working so hard on the event of our product line and now we’re reaping the advantages of our exertions.
We all know of course that there’s a variety of exertions to come back as we grow to fulfill the demands of the international market. We stay up for all the chances this chance brings and are able to step as much as the challenge.
Thanks to the Jamaica Observer for providing this platform for industry leaders to be recognised.
Thanks to my team, family, friends, and fans for supporting and believing in us.
Thanks, Novia, in your continued support over time and for pushing us to be the most effective version of ourselves.”
— Oji Jaja
Derrimon’s Cross Border Acquisition
In 2020, Derrimon Trading Company Ltd saw a possibility to diversify and expand its operations and reach through the acquisition of a growing wholesale and retail set-up, namely FoodSaver NY and Good Food for Less through their subsidiaries Marnock LLC and Marnock Retail. These two operations are housed under a 42,000 sq ft supermarket and wholesale/money and carry food service facility positioned in Canarsie, Brooklyn, across from the Brooklyn Terminal Market. The establishment has been known for having quality and within your means products and sells a broad choice of products for people, independent restaurants, caterers and non-profit organisations, but specifically caters to the Jamaican, Caribbean and African diaspora.
FoodSaver Latest York, Inc was founded in 1996 and is often called the destination for quality meat, fish and produce, together with an enormous inventory of restaurant supplies and groceries. Brooklyn currently has an estimated population of two.6 million with customer demographics starting from the Caribbean Diaspora, the African community, and residents from surrounding communities. That is seen as an awesome opportunity for Derrimon to enter the US Market and to also distribute locally manufactured products, including their very own line of Delect products, to this ideal community of shoppers.
Listed below are among the steps company principals considered leading as much as the acquisition in addition to some key learning experiences:
6 Steps To Cross-Border Acquisition Due Diligence Approach
1. Creation of the team: step one was putting together the fitting team for the due diligence process, taking a look at key things like:
competitive positioning and future objectives.
creating an motion plan that’s risk-balanced with distinct steps on learn how to merge the business acquisition.
incorporating the M&A Basic 4 C’s principles; namely, compensate, communicate, care, and cull
diversification of the group’s revenue stream
access to capital and talent
information and data availability to facilitate the acquisition
2. Mystery shopping, which is solely the means of visiting the placement with the target of measuring things like customer experience, worker sentiment, etc.
3. Market Size: Analyze market size and trends after we propose to enter a market that operates in a different way from our local market
4. Location, Location, Location: Location impacts all the pieces — access to audience, suppliers, potential buyers, establishment size and capabilities, opportunities for expansion.
5. Quick access to product and product knowledge
6. Scalability of business post acquisition: in essence what other opportunities exist outside of the initial acquisition, is there a possibility for further growth and diversification.
Key lessons and learning experiences
• talent and culture issues
• the associated fee of operating in other jurisdictions
• learn how to pivot immediately during operations
• learn how to sustain and grow relationships once the acquisition is complete
• the role of credit post acquisition
• funding the gaps
• recapitalisation of the business
We proceed to be pleased with these acquisitions and feel that sense of joy based on the financial results that now we have achieved so far. The mixing of varied cultures and operational efficiencies proceed to be a work-in-progress; nonetheless, the introduction of quality Jamaican products on this market continues to open up real possibilities.