3 months ago
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The acquisition of rival delivery service My Cart Quick Limited by courier company Mailpac Group Limited was a $1.2 billion deal, Mailpac’s newly released year-end results show.
The purchase of My Cart took place last year April, but was set to be finalised at around March 2025.
“The company acquired My Cart Quick Limited for a contingent purchase price of $1.2 billion based on the financial performance for the twelve-month period up to March 31, 2025,” noted CrichtonMullings and Associates, the independent auditor of Mailpac’s accounts.
The purchase of My Cart increased the value of Mailpac’s assets from $675 million to $2.2 billion at year ending December 2024. The acquisition included $51.6 million of tangible assets, while the bulk related to intangible assets or goodwill.
In the year-end accounts, the auditor said the transaction met accounting standards while noting that “there has been no assessment on the goodwill of $1.16 billion” from the acquisition. It indicated that the amount was provisional, as the final purchase price was contingent on future performance up to March 31, 2025.
My Cart Quick Limited was founded in 2019 by Kamar Palmer and Aldane Smith. It operates a 13 store operation across Jamaica.
Last year, the deal with Mailpac was reported to be worth $137.2 million, but that figure specifically related to MyCart Express Limited, which was formed in March 2024.
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