PanJam Investment Limited and Portland Private Equity have signed an agreement to acquire a 15% growth stake in itelbpo a Jamaican business processing outsourcer. Financial terms of the agreement were undisclosed.
(loopJamaica) PanJam Investment Limited and Portland Private Equity have entered into an agreement to each acquire a 15 per cent ownership stake in Outsourcing Management Limited (OML), which trades as itelbpo.
Itelbpo offers contact-centre solutions across multiple channels and industries.
The value of the deal with Portland Private Equity and PanJam was not shared, but Yoni Epstein, itelbpo CEO said the investment “will go a long way in enabling our pursuit of scaling the business and building the region’s reputation as a destination for outsourcing.”
Itelbpo was founded in 2012 in Montego Bay with a team of seven. It is now the region’s largest, home-grown business process outsourcer, with operations in Jamaica, the Bahamas, Mexico and the United States, the company stated in a release on Thursday.
Epstein revealed that itelbpo had been seeking a partnership of this kind to achieve its corporate goals.
Over the next five years, the company expects to add 5,000 new seats from new and existing clients, and through acquisitions.
“This is an exciting time for itelbpo as it continues its growth into a large, global BPO player,” he said.
Itelbpo offers voice and digital contact-centre services, as well as customer experience management, using both at-home and on-site workforces comprised of over 2,700 team members.
“We are happy to partner with itelbpo given its contribution to regional employment, which aligns with our strategy of fostering growth for the enrichment of the local and regional economies. We believe that itelbpo has a bright future, with further geographic expansion, technological advances and strong relationships with some of the world’s biggest brands,” said Ricardo Hutchinson, Vice President of Investments at Portland.
PanJam’s Senior Vice President of New Business Development & Strategy, Joanna Banks described the transaction as “a representation of PanJam’s commitment to invest in regional companies that embody the entrepreneurial spirit.”
She added: “The burgeoning business process outsourcing sector is a cornerstone of our economic growth, and itelbpo is leading the charge by ensuring that Jamaican talent participates and benefits at every level.”
PanJam Investment Limited has invested in Jamaica for over 50 years and is among the largest publicly-listed companies in the Caribbean.
The company provides property management services in Jamaica, including rental, management and development of commercial real estate properties, and captive insurance. It takes actively-managed positions in both public and private companies, throughout the Caribbean but primarily in Jamaica. It also trades equities and fixed income assets for its proprietary portfolio.
Portland Private Equity manages more than US$430 million of institutional growth capital targeting high quality, private businesses throughout the Caribbean, Central America, and Colombia through its management of the AIC Caribbean Fund and its successor, Portland Caribbean Fund II. It is part of Portland Holdings and is chaired by Michael Lee-Chin.