First addition to the MFS Capital portfolio

Durrant Pate/Contributor

After acquiring SSL Venture Capital (SSLVC) in May this year and renaming the company, MFS Capital Partners, Micro Financing Solutions (MFS) is now being bought by that very company it acquired five months ago.

MFS Capital Partners has announced that it is acquiring MFS and has signed a memorandum of understanding (MOU) with the shareholders of MFS to acquire 100 per cent of its shares. The MOU, which was signed by both parties on November 28, 2022 details that the transaction is to be settled within 90 days of the date of the signed agreement and subject to pricing to be negotiated and agreed.

This acquisition is the first major deal executed under the new MFS Capital Partners and will be the sole operating entity in the company’s portfolio. Speaking at the annual general meeting (AGM) for MFS Capital, held virtually yesterday (December 1), CEO Dino Hinds announced the company’s intent to acquire.

Significant 1st addition to MFS Capital ’s portfolio

He told shareholders that the acquisition will be a significant first addition to MFS Capital ’s portfolio.

Said Hinds: “We are very excited at the signing of this MOU. This acquisition is in keeping with our outlined strategy to target companies involved in money services, investment banking and real estate that show robust growth potential. We look forward to completing this deal, while continuing our due diligence on other prospects in our pipeline.”

MFS acquired in May this year, from Stocks and Securities Limited, its subsidiary, SSLVC, which was a listed private equity firm looking to fully acquire or take positions in mature companies with strong growth potential. With the acquisition by MFS, SSLVC was renamed MFS Capital Partners and the brand overhauled in August this year having implemented a new board of directors and management team immediately following the acquisition.

The completion of this transaction marked the first successful takeover of a listed entity on the Jamaica Stock Exchange since 2020. 

MFS is a Kingston-based private company licensed by the Bank of Jamaica. The company began operations in 2014 as a micro-lender and licensed cambio and since then expanded its operations into other areas including remittances, bill payment services and large credit. The company has also gone on to take equity positions in several other entities.

MFS is a sub-agent of Lasco Moneygram and Western Union and is led by CEO Tamar Webley. Together the company’s leadership team has more than 30 years of combined experience in the financial services industry.