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by pltm
(PLTM) - Canadian-based firm, North West Company Inc. and BVI's Roadtown Wholesale Trading Ltd has announced that North West has entered into definitive purchase agreements to acquire 76% of the shares of RTT. In a joint statement today, January 17, it was disclosed that the approvals required to operate RTT under North West majority ownership have also been obtained from the Government of the British Virgin Islands, and the Board of Directors of both North West and RTT have unanimously approved the transaction. “When we decided to sell this interest in our life’s work, we wanted to make sure that we partnered with a company that was committed to our customers, to our employees and to the BVI,” said Peter Haycraft, founder and majority owner of RTT. He added, “North West is uniquely qualified in all of these respects and will bring enhancements to our business beyond what we could achieve on our own, especially within today’s changing retail environment.” According to the press release, subject to the satisfaction of customary closing conditions, the acquisition is expected to close early next month. “We are very pleased to join with Riteway Food Markets and Roadtown Wholesale Trading Limited, and to become part of the BVI,”said North West President and CEO, Edward Kennedy. He said, "Through this long process of working with RTT’s owners, government and other BVI stakeholders, we have gained an even greater appreciation of our opportunity to be a valued partner," adding, “Including within the areas of offering abroad range of retail and wholesale products at better prices to attract more of the provisioning and other retail spending that occurs outside of the BVI.” Further, he noted continuing to operate RTT under the trade names, Riteway Food Markets and Roadtown Wholesale Trading; ensuring that BVI shareholders are well represented on RTT’s Board of Directors; recognizing the strength of BVI’s workforce by making RTT an administration center for North West; and enhancing community support wherever possible and in consultation with all stakeholders. RTT is a privately held company with seven retail outlets, one Cash and Carry and one wholesale operation serving the British Virgin Islands. North West is a Canadian-based, widely held publicly traded retailer that specializes in serving smaller countries and regions. North West’s retail presence in the Caribbean includes Cost-U-Less stores in Cayman Islands, Barbados, Curacao, St.Maarten, St.Thomas and St. Croix.
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