Joe Bogdanovich commits to further investments in Jamaica

He already holds a 58 per cent stake in Hardware & Lumber which he acquired from GraceKennedy and he is the largest shareholder in KLE Group with 14 per cent of the company. He is also looking for opportunities in the hotel sector.

He has purchased property at 22 Belmont Road in Kingston which will house a state-of-the-art recording studio and other related facilities.

At a press conference held at his Kingston headquarters, Bogdanovich said that he first came to Jamaica in 1992 and settled here permanently in 1999.

“I have been in the music business for a very long time and we are now expanding into non-entertainment acquisitions. We acquired Hardware& Lumber from Grace on December 31st and we think the future looks bright for that company. The future of the economy here in Jamaica looks very bright,” he said.

“I have a number of investments that I am looking at and so I have invited investment bankers UBS to take a look at some of the companies that I am involved with as well as to take in the country’s financial landscape. Hopefully a large bank like UBS can facilitate some financial needs for Jamaica. These are pretty bright guys and they might be doing some business here,” Bogdanovich added.

The music mogul further said that he is prepared to put more money into developing the Hardware & Lumber brand.

He is also looking to expand his footprint in the reggae/dancehall concert business. He was also a big player in the annual affair that is Sting.

“I love reggae and dancehall and I think it is an undervalued brand. I want to take it to the international stage. My mission is to uplift the business and to monetize it,” declared the Downsound Records boss.

He is also concentrating on the recording side of the business and his studio should be completed in a matter of weeks. It will be housed in the newly designed premises on 22 Belmont Road.

Rob Fraboni, who is a legend in the business, producing albums for Bob Dylan, The Band and many different acts, will design the recording facilities.

Local architect legend Evan Williams of Design Collaborative also played a role in designing part of the new building at 22 Belmont Road.

Bogdanovich is going for an integrated entertainment business model that sees him recording, distributing, promoting reggae/dancehall acts as well as staging concerts.

“I am now developing a team with an investment arm – private equity – as well as an entertainment arm. I now have international bankers who understand what I am doing and I have to deliver now,” said Bogdanovich.