MFS completes acquisition of stake in SSL Ventures

MFS Acquisition Limited (MFS) has completed the acquisition of 79 per cent of the shares in SSL Venture Capital Limited (SSLVC). The transaction, which was completed on Wednesday, May 25, saw the company paying out $30 million to purchase the majority shareholding of 79.08 per cent of the venture capital firm.  

The deal was brokered by VM Wealth Management Limited, with Ramsay and Partners advising.

MFS Acquisition was incorporated by the beneficial owners of Micro-Financing Solutions Limited, a Kingston-based private company that offers short-term funding solutions to both individuals and micro, small and medium-sized companies (MSMEs).

After starting operations in 2014 as a microlender and licensed cambio, the company has expanded its operations into other areas of finance, including remittances, bill payment services and loans. It has also gone on to take equity positions in several other entities.

Dino Hinds, Director of MFS, believes that the addition of SSLVC to his fast-growing group will fit with the company’s long-term strategy of becoming a successful private equity outfit in the Caribbean.

“We are excited about this acquisition which expands our possibilities. Now we will go in and assess our next steps, which will certainly include acquiring entities that can enhance shareholder value”.

The new board of directors of SSLVC will be announced shortly.

This transaction will enable MFS to bolster its position as a private equity partner while continuing its already robust operations in its other core areas of business. The transaction is the first successful takeover of a listed entity on the Jamaica Stock Exchange since 2020.

Prior to the takeover, SSLVC was the venture capital arm of licensed securities dealer Stocks and Securities Limited (SSL). The venture capital firm was established in 2018 to assist entrepreneurs in accessing funding to grow their businesses, with the ultimate objective of listing on the Jamaica Stock Exchange. The company divested its equity interests in early-stage companies but remained listed on the JSE Junior Market.

As the new majority owner, MFS intends to examine the company to determine the next steps.

MFS is led by Dino Hinds and CEO, Tamar Webley, with over 30 years of combined experience in the financial services industry.