Amazing Concrete Finishes (ACF) has expanded its operations to Montego Bay and is hoping to get a bigger slice of the commercial concrete finishing market, which CEO Yannick Sharpe estimates to be valued between $3 billion and $5 billion.
The expansion for the 11-year-old company, which now sees 65 per cent of its revenues coming in from residential jobs, “is a strategic positioning based on all the hotels that are opening,” Sharpe, told Loop News.
ACF is known for installing decorative coatings on all concrete surfaces including walkways, driveways, interior design areas, patios, decks, and pool areas.
Amazing Concrete Finishes CEO, Yannick Sharpe.
“Based on the prime minister’s [statement] that there should be more than 6,000 new hotel rooms by the end of 2025, we are trying to position ourselves to get those jobs because we are making a switch,” he said of the plan to target more commercial projects.
Of the commercial market, ACF is targeting hotels, restaurants and trendy businesses, he said.
The new 400-square-foot facility, complete with a showroom and ready-mix plant, marks the second site for the company with plans afoot to add a third in Mandeville “by the end of 2023,” Sharpe told Loop News.
Adding his own ready-mix capacity means the company will cut costs and increase efficiency as it executes its expansion plans, Sharpe shared.
“The Montego Bay location has in place a ready-mix concrete plant, which we do not have in Kingston. This will enable us to manipulate the concrete in many ways. This includes colour, texture, design and more,” he said.
Locally, the objective is to increase its current 10 per cent market share to 25 per cent, he said.
When the Mandeville office comes on stream, “we will be able to service the entire island efficiently,” he said adding that the company has taken on another four permanent staffers in St James, bringing the total to 12.
The company counts Chukka Adventures, Barita Investments, iCreate, Windalco, General Food Supermarket, J. Wray and Nephew and Moon Palace Jamaica Grande among its largest clients.
ACL also plans to expand regionally and is looking to open shop in Guyana by mid-2023.
“It is the fastest-growing economy in the Caribbean. They have stuck oil so they are having a big housing boom. Before, they didn’t have the money to put in the infrastructure for housing [but] a lot of houses are now being built in places that didn’t have houses before,” he said.
Guyana’s plans to add 10 hotels before 2025 have also caught the interest of the company, he said.
By Tameka Gordon