Fontana Raises $950m Through Scotia Investments

Scotia Investments Jamaica Limited says it recently acted as lead arranger to raise $950 million for Fontana Limited, a leader in the pharmacy care and retail industry in Jamaica.

Fontana’s latest financial results for the second quarter ending December 31, 2024, showed revenue increasing across all seven locations, with the Portmore store improving substantially over its prior year.

Scotia Investments, in a statement on Monday, said Fontana also posted increases in all key metrics – sales by category, scripts, average scripts and number of transactions.

It says with strong cash flows and a healthy balance sheet, Fontana is well-positioned for future growth opportunities that will strengthen its leading retailing position.

Scotia Investments says the successful bond raise is a testament to the company’s performance and investor confidence in its continued growth.

Scotia previously acted as the arranger for Fontana in 2021, when it raised 5-hundred million in notes in the private market, and more recently, in 2024, it supported the company on an advisory mandate.

Meanwhile, Fontana says the strategic debt raise empowers it to scale its store footprint, invest in ongoing location updates, and position itself for further expansion.