The Symonette Group is a privately held investment company.
Media reports said Devcon decided “to keep its construction unit after a letter of intent to sell the assets to a private equity group expired.”
According to Associated Press reports, the company released a statement which said, “After numerous meetings with representatives of the private investment group, it became apparent a transaction could not be structured that would be in the company’s best interest.”
Devcon made an agreement in principle in June to sell the construction unit for $12.2 million to The Symonette Group.
The transaction would have been part of Devcon’s transformation into a security services business, the AP reported.
Devcon also indicated in that statement that it had no intention of resuming talks with The Bahamas-based group and said it intended to own and operated the construction unit “in the foreseeable future.”
Up to press time no representatives from The Symonette Group could be contacted for comment.
The Nassau Guardian
