Following Derrimon Trading Limited’s (DTL) initial acquisition in August 2014, which culminated in a majority interest control in February 2017, Caribbean Flavours and Fragrances (CFF) has grown significantly with the company set to gain a larger runway as DTL expands into the North American market after its highly successful additional public offering.
Despite several flavourings in food being imported into Jamaica, CFF has supplied the local market by allowing several Jamaican manufacturers of all sizes to tap into the local expertise of a home-grown business to provide the best options to its clients. These products extend from beverages, milk-based products to snacks consumed by the everyday Jamaican which also includes colouring to give it a distinct Jamaican taste.
This led to CFF Managing Director and DTL Chief Executive Officer Derrick Cotterell describing the business as very small in terms of people but very large in reach and efficiency, as seen by the company’s financials which topped $452 million with a 32 per cent gross profit.
“We’re not just importing a finished product and reselling it. We actually manufacture the flavours in Jamaica and sell to the market. Since we bought the plant from Anand James some years ago, it’s a completely different business. We have retrofitted the plant, which has seen it improve to international standards,” said Chief Financial Officer Ian Kelly in a recent Jamaica Observer Business Forum.
A major focus which Kelly pointed towards was the company looking to extract unique Jamaican flavours such as ginger, along with other home-grown products, to allow for a wider market to appreciate the value Jamaican products can have in a larger market space.
With the Safe Quality Food (SQF) Institute certification under its belt, Kelly believes that the company will be able to expand its exports to the North American market in addition to the seven other countries in the Caribbean it currently serves. He’s also confident that the company will be a vital player in the fight against COVID-19 with the company creating fragrances and other products for sanitation companies locally.
“We’re going to have some unique products that won’t just have an appeal to Jamaicans abroad, but international appeal that will spill over into the wider North American market. This is one of the acquisitions we’re very proud of since Mr James still consults with the firm and provides insight where needed,” Kelly said.