JULY 2024
FOR IMMEDIATE RELEASE
PRESS RELEASE
SYGNUS CAPITAL LEADS US$25 MILLION FINANCING FOR MAJOR ROAD PROJECT IN THE BAHAMAS
(Eleuthera, Bahamas) – Sygnus Capital, a subsidiary under the Sygnus Group – the Caribbean’s leading alternative investment firm—acted as lead arranger of a private-public partnership with Caribbean Pavement Solutions (CPS), to fund a significant road improvement project in The Bahamas. The company spearheaded the financing for a 163-mile asphalt road paving and road safety enhancement project on the island of Eleuthera in The Bahamas. This venture, undertaken in collaboration with CPS, a member of the Bahamas Striping Group of Companies, represents a pivotal infrastructure development for the local community.
Eleuthera is renowned for its stunning pink sand beaches, crystal-clear waters, and quaint settlements, making it a popular Family Island destination in The Bahamas for tourists seeking an authentic island experience. However, the deteriorating condition of the island’s roads has been a deterrent for visitors, negatively impacting the local economy. Additionally, the poor state of the roads posed significant challenges for residents, contributing to accidents, vehicle damage, and unsafe travel conditions. The Eleuthera Road Project (ERP) addresses these issues, serving as a catalyst for economic, social, and environmental development. This venture follows Sygnus Capital’s successful $25 million investment in a 45-mile highway improvement project in Exuma, marking its second major roadwork project in The Bahamas.
Gregory Samuels, Senior Vice President and Head of Investment Banking at Sygnus Capital, expressed, “We are excited to continue our partnership with Caribbean Pavement Solutions and the Government of The Bahamas. This project is a testament to Sygnus Capital’s commitment to supporting sustainable infrastructure development in the region. Our investment aims to not only improve road safety and connectivity but also enhance regional infrastructure and contribute to the economic growth of our neighboring countries.”
The improved road infrastructure will directly enhance transportation and accessibility for the people of Eleuthera. The current project has created 160 jobs, benefiting not only CPS but also local contractors Quick Fix and NuView Construction, thereby bringing significant economic uplift to the area. The financing is facilitated through a Revolving Receivables Program, showcasing Sygnus’ innovative approach to investment and funding solutions. This influx of jobs will significantly reduce unemployment rates and inject much-needed income into local households, thereby enhancing the economic stability of Eleuthera.
Caribbean Pavement Solutions recently completed the final preparation stage of their asphalt plant, which was calibrated for road paving. The collaboration between CPS and the Government of The Bahamas exemplifies a successful public-private partnership aimed at enhancing road safety and connectivity on Eleuthera.
“From stimulating economic growth and creating jobs to enhancing transportation, boosting tourism, and increasing safety, the project addresses multiple facets of life on the island. The Bahamas Striping Group of Companies (BSGC) is profoundly happy and empowered to have Sygnus as one of their financing partners in the historic Eleuthera Road Project. This partnership underscores the significance of securing the largest contract in our company’s history and marks a monumental achievement for Eleuthera, benefiting from its most substantial infrastructural development to date. We have seen the impact of Sygnus in Jamaica, and we believe that this partnership exemplifies our shared commitment to community development and infrastructure enhancement improving the quality of life for people,” shared Dominic Sturrup, Executive Chairman at Caribbean Pavement Solutions.
Sygnus Capital’s involvement in this project underscores the company’s ability to leverage its expertise in alternative investments to drive significant infrastructural developments across the Caribbean. With its roots firmly planted in Jamaica and a strategic base in Puerto Rico, Sygnus is poised to continue to cater to the broader region, with a special focus on Latin American countries. This expansion highlights Sygnus’ commitment to bringing Jamaican ingenuity and financial acumen to a wider audience, fostering growth and development throughout the Caribbean and Latin America.
For Additional Information, Please contact:
Garrick Communications | 876-677-6378 | pr@garrickcommunications.com
###
About Sygnus
Sygnus is a leading alternative investment management company in the Caribbean and Latin America, spanning private credit, real estate, private equity and impact investing. Sygnus manages Sygnus Credit Investments Limited (SCI) which is listed on the JSE and the largest Private Credit Investment company in the English-Speaking Caribbean. SCI is a pioneering private credit investment company, which offers creative debt financing to middle market businesses across the Caribbean. Sygnus Real Estate Finance Limited (SRF) provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial, or residential). Sygnus Deneb Investments Limited (SDI) invests private equity capital in companies in the form of growth capital, buyouts, and turnarounds. The Sygnus Group also includes Sygnus Capital PR LLC (formerly Acrecent Financial Corporation) in Puerto Rico, a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. Sygnus also offers its clients Investment Banking and Wealth Advisory.
