Two Caribbean Equity Firms Acquire 30% Stakes in Jamaica’s Itelbpo

Private equity firms PanJam and Portland have wrapped up a deal to acquire 15% stake each in Itelbpo, one of the fastest-growing BPO operators in the Caribbean.

Neither firm has disclosed the financial details of the deal. Yoni Epstein, CEO of Itelbpo, says his company would use the proceeds of the deal to expand the operations.

Founded in 2012 in Montego Bay, Itelbpo started out with just seven employees. Today its headcount had leapfrogged to in excess of 2,700, and the company is running delivery centers in the Bahamas, Mexico and the United States in addition to Jamaica.

“We believe that itelbpo has a bright future, with further geographic expansion, technological advances and strong relationships with some of the world’s biggest brands,” said Ricardo Hutchinson, Vice President of Investments at Portland.

Yoni Epstein is reviewing all sorts of fund-raising options, including initial public offering (IPO), as he is determined to grow the company into a large BPO operator in the region, reported the Caribbean daily Jamaica Gleaner.

Over the next five years, the company expects to add 5,000 people to its payroll from new and existing clients, and through acquisitions.

“Their investments will go a long way in enabling our pursuit of scaling the business and building region’s reputation as a destination for outsourcing,” Epstein stated in a press release.

Joanna Banks, Senior Vice President at PanJam, told Jamaica Gleaner that ‘expansion into the Eastern Caribbean and the development of new, value-accretive business lines including digital marketing, email campaigns and online chats bode well for both itelBPO’ and its new investors.