FirstRock Acquires Optimum Trading

(standing from left-right) Jordan Chin, First Rock’s group head of legal; K’Sha White, business analyst; Ian Kelly, First Rock Private Equity director; Ryan Reid, First Rock group chairman; Michael Banbury First Rock Private Equity chairman; Jason Clarke, CEO of Optimum Health; Jason Facey, attorney; (seated front row) Chris Yeung, managing director at First Rock Private Equity and Sheldon Powe founder of Optimum Health finalise First Rock’s third business acquisition in just over 24 months. (Photo: Contributed)

As FirstRock Private Equity (FRPE) continues its growth and diversification, the company has struck a deal, acquiring Optimum Trading Limited, a leading distributor of medical and dental supplies in Jamaica.

Through this acquisition, FRPE has now entered the healthcare industry in Jamaica; growing its portfolio of equity holdings in small-to-medium enterprises (SMEs) in the Caribbean and Latin America.

The acquisition is being led by Christopher Yeung, FRPE co-founder and managing director.

FRPE was founded by principals Yeung; Ryan Reid, FirstRock Group executive chairman; and FirstRock Group director, Dr Michael Banbury. Whilst the value of the deal remains undisclosed, the FRPE team is pleased to add Optimum to its portfolio of companies and looks forward to working closely with the entity to achieve long-term sustainable growth.

Co-founders of First Rock Capital Holdings, Ryan Reid and Dr Michael Banbury celebrate the company’s successful listing on the Jamaica Stock Exchange in February 2020. (PhotoL: Facebook @FirstRock-Cap)

Additionally, FRPE director Ian Kelly will join Banbury and Yeung as appointees to Optimum’s board of directors; providing invaluable guidance and considerable financial and entrepreneurial expertise to the company’s leadership team as it continues to serve the healthcare sector.

Jason Clarke will continue to lead Optimum

Jason Clarke, who has over 10 years of experience in the business, will continue to lead as CEO and joins Sheldon Powe as a director on Optimum’s board.

Commenting on the deal, Yeung explains, “Optimum was selected as it meets FRPE’s strategic objectives for acquisitions. Optimum is a resilient business that will add diversity to the FirstRock Private Equity Group. This deal marks the third acquisition for FRPE in just over 24 months and is an important milestone as this acquisition allows us to enter into a new sector. We are excited about the healthcare industry and Optimum’s potential growth.”

Dr Banbury, FRPE co-founder and chairman, also expressed his elation with the transaction saying, “the FRPE team has been diligently expanding its portfolio of companies. As someone with a passion for the health care industry, I look forward to the growth and diversification Optimum will bring to our group.”

The founder and current chairman of Optimum Trading Limited, Sheldon Powe, who started the company over thirty years ago while at university, expressed his delight with the partnership as FRPE comes with expertise in management, logistics, warehousing and the required capital to astronomically grow the business and ultimately serve the company’s customers better.

Optimum Trading Limited CEO Jason Clarke and founder Sheldon Powe share lens time during a February 2016 event in St Andrew. (Photo: Facebook @optimumtradingltd)

Optimum is a Jamaican-based healthcare service entity that supplies over 400 customers across Jamaica. The company specialises in providing the dental and medical community with the requisite supplies, equipment and healthcare products that are imperative for daily operations, placing special importance on the dental fraternity.

Noting its commitment to the medical community, Optimum provides grants, as well as additional discounts on supplies to all dental students from the UWI Mona and UTECH campuses.

In adherence to its corporate social responsibility, the entity also provides financial support to the St Andrew Church Girl’s Home, sponsoring health fairs and youth sports.