A US$4-million investment by Sygnus has been welcomed by CEO of Chukka Caribbean Adventures, Marc Melville who says the funds will help the company execute plans to grow even further.
“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. In order for us to fully capitalise on all of these opportunities and further grow our business we thought private equity would be the right way to go. Finding the right private equity partner is no different than finding the right business partner. What we have found in the Sygnus team is the same as our own Chukka DNA, they understand people, focus on partnership, are visionaries and growth oriented,” said Melvile.
“Sygnus and Chukka have a longstanding relationship and partnership built over the last five years. We are very excited with them coming on board and the timing is perfect as we are poised for further expansion and deeper development of our existing locations,” he added.
The investment in Chukka Caribbean Holdings (“CCH”) was made by Sygnus Deneb Investments Limited (“SDI”), the private equity investment company managed by Sygnus, the Caribbean’s leading alternative investments firm. It was done through the issuance of convertible preference shares that will help the company 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 is one of the leading nature adventure tour operators in the Caribbean. With a commitment to deliver the highest quality tours with well-trained guides and stringent safety standards, the company takes pride in showcasing the natural beauty of the Caribbean through unique and sensational experiences and providing opportunities for local residents and businesses. Chukka is rooted in an entrepreneurial spirit, supported by strong family values, employee and partner loyalty, and the best-trained staff in the Caribbean. Today, Chukka operates more than 85 tours in five countries, namely Jamaica, Belize, Turks & Caicos, the Dominican Republic and Barbados, including eight cruise ship ports.
Chukka expanded its reach in 2020 by acquiring Resort Solution Ltd which operates the largest Watersports company in Jamaica from nine 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.
