Jamaican private equity firm, MFS Capital Partners has successfully completed the 100 per cent acquisition of Microfinancing Solutions Limited in a quarter since announcing the transaction at the end of 2022.

announced on Thursday, April 7,

The company, in a statement on April, noted that the acquisition was finalised in time for the close its third quarter on March 31, 2024. This transaction marks the first major deal executed since the company was acquired in 2022 and subsequently renamed.

Microfinancing Solutions—a Kingston-based money services company that began operations in 2010 as a microlender—will now act as MFS Capital’s flagship operating entity in the company’s portfolio.

Since its conception 14 years ago, Microfinancing Solutions has expanded its operations into other areas of finance, including FX trading, remittances, bill payment services and private credit. Furthermore, the company has gone on to take equity positions in several other entities.

Through this strategic acquisition, MFS Partners strengthens its presence in the local finance market, expanding its financial products and services offerings.

By leveraging the combined expertise and resources of both entities, the Dino Hinds-led firm aims to enhance its ability to meet the evolving needs of clients and drive sustainable growth and value for shareholders.

“We are very excited that we have arrived at the completion of our first acquisition as MFS CAP,” Hinds is quoted as saying.

“The acquisition of Microfinancing Solutions aligns with our strategic vision of targeting companies operating in the financial services space, as well as companies that show strong growth potential or possess a robust balance sheet. This deal positions us to move forward in executing other key transactions that will significantly improve MFS CAP’s financial position and increase value for our shareholders,” he mused further.

Microfinancing Solutions will continue to operate under its current brand name, from its current locations, with its existing management team, led by Tamar Webley, who has been at the helm of the company for the last 12 years since it began operations.