In its 50th-anniversary year, Island Car Rentals (Jamaica’s leading car rental company and the Caribbean’s leading independent car rental company) has announced a change of ownership, following its acquisition by ICR Holdings Limited.

The ownership change forms part of a formal succession plan which was completed prior to the recent passing of the late Michael Campbell, who served the company for over five decades.

ICR Holdings Limited is a Jamaican company founded by Ryan Parkes, a career banker with extensive experience in finance, strategic management, and leadership, having served at the executive leadership level in several notable financial institutions. He last served the Jamaica National Group as chief of the Corporate and Business Banking Division of JN Bank.

Before his passing and following the sale of the company, Campbell stated: “I am proud that Island Car Rental has become a household name both in Jamaica and the diaspora. I am pleased that, after five decades, we have successfully implemented a succession plan to further drive the organisation’s growth.”

Parkes, who will serve as CEO and deputy chairman of ICR Holdings Limited, remarked: “I am honoured to be entrusted with the opportunity to have acquired Island Car Rentals Limited (ICR), whose brand is of international acclaim. Michael Campbell, whose brainchild was ICR, was a giant in every right and a titan of the industry who laid a solid foundation by building an exceptionally strong brand. I am deeply saddened by his passing, as he was not only a friend and mentor, but also someone who had amassed significant institutional knowledge over the past 50 years. As the company transitions, we will leverage the strength of the brand to pursue a robust revenue growth and diversification strategy aimed at realizing the brand’s optimal potential to ensure that Mr Campbell’s legacy lives on.”

Dulcie Moody, who has been with the company for over four decades, will remain as general manager of Island Car Rentals Limited. Given her extensive experience in the auto rental industry, she will play a crucial role in driving the company’s continued growth.

Victoria Mutual Wealth Management (VMWM), which acted as lead broker for the transaction, was instrumental in the successful completion of the acquisition, which saw ICR Holdings Limited taking a 100 per cent stake in Island Car Rentals Limited.