US Private Equity Firm Buys Controlling Stake in Largest Jamaican Fuel Retailer

By: Caribbean Journal Staff - January 9, 2012

Above: Cool Corp is the Jamaica licensee for Shell (Photo: Shell)

By the Caribbean Journal staff

United States private equity firm Blue Equity has purchased a controlling interest in Cool Petroleum, the largest fuel retailer in Jamaica, according to a company release.

Cool Petroleum is the licensed user of Shell brands in Jamaica, and the largest fuel retailer by volume in Jamaica, and has more than 50 Shell service stations on the island.

The terms of the deal, in which Blue Equity purchased the stake of Neal and Massy Holdings, Ltd’s stake in the company, also included an undeclared number of Cool Petroleum Shares from Cool Corp Limited.

Cool Petroleum, which is one of the largest corporations in Jamaica, reported revenues of more than $330 million in 2010, and projected revenues last year of $370 million.

“Blue equity is very pleased to announce this transaction, and would like to congratulate and welcome all of our partners, customers and employees into the Blue Equity Family with the purchase of Cool Petroleum,” said Blue Equity chairman and managing director Jonathan Blue. “We look forward to continuing to build on the momentum of owning the largest set of petroleum storage and distribution assets in Jamaica.”

Cool said it was “grateful” for a five-year partnership with Neal and Massy.

“Am proud of what we have accomplished and we now look forward to working with Blue Equity to take Cool Petroleum to the next level,” said Joe Issa, chairman of Cool Corp.

Blue will assume the role of chairman and CEO of the company.

When Shell chose to divest its interests in the Caribbean, Cool purchased all of its stations in Jamaica in 2005.

Popular Posts the sexiest beaches including this resort at atlantis

The Sexiest Beaches in the Caribbean to Visit Right Now 

One is a beach with a nightclub-style pool right next door. Another is filled with beach bars — and even has its own au natural corner. Then there’s a beach that’s practically a nonstop party.  There are so many things that […]

The Best Caribbean Islands to Visit This Summer, From Antigua to St Croix

verandah antigua

We’ve been saying it for years, and we’ll keep saying it: in some ways, the Caribbean is even better in the summer months. The water is warm. It’s a bit less crowded, a little bit quieter. At night, the trade […]

The Winners of the 2024 Caribbean Green Awards 

caribbean green

With almost 20,000 votes, the winners of the Caribbean Green Awards 2024 Presented by E-Finity have been crowned.  From state-of-the-art marine conservation projects to hotels that are redefining sustainability, the Green movement has never been stronger in the Caribbean.  “This […]

Related Posts jamaica tourism

Spanish Hotel Groups Investing $2 Billion in New Jamaica Projects

Spanish hotel companies are investing $2 billion more in Jamaica, according to Jamaica Tourism Minister Edmund Bartlett.  Bartlett says the government has concluded talks with three major Spanish hotel giants for projects beginning this year.  That will include new luxury […]

Caribbean Photo of the Week: Black River, Jamaica

jamaica photo caribbean black river

The latest Caribbean Photo comes from Caribbean Journal reader Lloyd Linton, who sent in this lovely shot of the Black River in Jamaica. Have you taken a great photo in the Caribbean? Send it to with CPOTW in the subject […]

Jamaica Is Hosting Another Tourism “Resilience” Conference 

jamaica minister speaking to delegates ahead of conference

Jamaica has been working to position itself as a global center for the study and practice of tourism “resilience.” That included the creation of the first global tourism resilience center and, last year in Kingston, the first-ever Global Tourism Resilience […]


Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.

No. Thank You