By NAN Business Editor
News Americas, NEW YORK, NY, Thurs., Oct. 20, 2022: A Caribbean based private equity investment company has just completed a USD 4 million deal in one of the leading Nature Adventure Tour Operators in the Caribbean.
Sygnus Deneb Investments Limited, (“SDI”), which is managed by Sygnus, the Caribbean’s leading alternative investments firm has announced the completion of the equity investment in Chukka Caribbean Holdings.
The investment was made through the issuance of Convertible Preference Shares that will help the company to continue its strategic expansion and deepen its regional footprint, providing world class nature adventure excursions across the Caribbean.
“This investment in Chukka is directly aligned with Deneb’s strategy to provide growth capital to middle market firms with established track records to catalyse their growth and strengthen their capital structure and balance sheet,” stated Ike Johnson, Chief Operating Officer, Co-Founder and Head of Private Equity and M&A at Sygnus Group.
The Chukka Group delivers high quality tours with well-trained guides and takes pride in showcasing the natural beauty of the Caribbean through unique and sensational experiences and providing opportunities for local residents and businesses. Chukka operates over 85 tours in 5 countries, namely Jamaica, Belize, Turks & Caicos, the Dominican Republic and Barbados, including 8 cruise ship ports.
Chukka expanded its reach in 2020 by acquiring Resort Solution Ltd., which operates the largest Watersports company in Jamaica from 9 major resorts on the North Coast. The company also offers other services to resorts such as the Tour Desk and Gift Shop at the renowned Round Hill Hotel and Villas and the Valet Parking Desk, Concierge/Tour Desk and Airport Transfers at the newly opened ROK Hotel in Downtown Kingston.
“We have a growth strategy, and we see a lot of opportunity and untapped potential in the region and many outstanding natural assets that people want to experience,” commented Marc Melville, O.D., CEO of Chukka Caribbean Adventures. “In order for us to fully capitalize on all of these opportunities and further grow our business we thought private equity would be the right way to go. Sygnus and Chukka have a longstanding relationship and partnership built over the last 5 years. We are very excited with them coming onboard and the timing is perfect as we are poised for further expansion and deeper development of our existing locations.”
The investment in Chukka is the second portfolio investment by Sygnus Deneb, with the first being Aruba Wine and Dine made in 2020.
“Sygnus Deneb has a robust pipeline of opportunities valued at almost US$100M, that includes industries such as logistics, energy, maritime, retail, manufacturing and distribution, and we are looking to close additional deals before the end of the year,” Stephen Wright, Assistant Vice President for Private Equity and M&A stated.