Crosbie and Farfan & Mendes announce new partnership.
21 December 2020
St. John’s, NL, and Providence, East Bank Demerara Guyana, December 20, 2020 – Newfoundland and Labrador-based Crosbie and Guyana-based Farfan & Mendes are pleased to announce that, effective January 1, 2021, the companies will have completed an investment in a new company, Farfan & Mendes Limited, a Crosbie Member Company.
Under the terms of the agreement, Crosbie will be a 49% shareholder and Farfan & Mendes Limited will be a 51% shareholder in the new company. All businesses previously operating as Farfan & Mendes Limited and Mines Services Limited will be transferred into the new company owned jointly by the two shareholders.
Crosbie and Farfan & Mendes first began working together when they agreed to establish joint venture company Panthera Solutions Limited in 2017. The joint venture, an offshore industrial services provider, was formed in response to the burgeoning offshore oil & gas industry in Guyana.
Building on the successful cooperation between the two companies with Panthera Solutions, and the strong working relationship which has developed, Crosbie and Farfan & Mendes began exploring further partnership opportunities in 2019, culminating in this investment.
“This announcement today is another step forward in Crosbie’s diversification strategy to move the company into new markets, in businesses we understand, with partners who share our values,” said Mark Collett, COO, Crosbie. “Like Crosbie, Farfan & Mendes is a deeply rooted family business with a long history as a leading supplier of industrial services and equipment. This investment allows both companies to share technology and expertise that will enhance our service offering, positioning us to grow stronger as one team in the CARICOM region.”
Andrew Mendes, Managing Director of Farfan & Mendes, said, “We strongly believe that this partnership will position us to provide our customers with an even more competitive service and product offering. Working with Crosbie, as one company, will allow us to strengthen our business as we look to grow throughout the region during a time of unprecedented economic activity. This is an exciting day for all employees and shareholders at Crosbie and Farfan & Mendes.”