Has divested all interests in SSL VC

Durrant Pate/ Contributor

Zachary Harding is now committed to concentrating his energies on making Delta Capital Partners Limited a major private equity player in the Caribbean, having lined up a number of appealing deals.

Stocks and Securities Limited (SSL) is Jamaica’s second oldest brokerage founded by Hugh Croskery. It has built a stellar career in the industry and continues to find ways to maximise opportunities.

Our Today reported last week that Harding, who for the last two years has been performing dual duties as chief executive officer of SSL, as well as executive chairman of Delta Capital Partners Limited, a private equity entity, which he formed two years ago, has decided to call it quits at SSL.

Harding has now told Our Today that the time is right for him to concentrate his efforts exclusively on Delta, given the many business opportunities that have been presenting themselves. 

He also confirmed that he has divested all his interests in SSL Venture Capital (VC), thereby making a clean sweep from the venture capital outfit. 

Our Today quizzed Harding on whether Delta Capital would be interested in buying back SSL VC from Micro-Financing Solutions (MFS) and he intimated that the idea would not be too far-fetched.

Harding pivoting to Delta Capital

He reminded Our Today of some of the initiatives put in place to bring SSL back to profitability, but noted that these were hampered by the onset of the COVID-19 pandemic.

Harding is pivoting to Delta Capital in order to maximise these opportunities and the pipeline of projects awaiting Delta.

He has written to SSL Chairman Jeffrey Cobham, giving his notice and advising of his resignation.

He will step away from his position of CEO of SSL as of June 30.

Harding met with staff last week and advised them of his departure. The Board of SSL has expressed appreciation to Harding for his contribution to the company over the past few years. 

Two weeks ago, SSL VC closed majority sale of the company to MFS. A new board for SSL VC as recently appointed with plans to change the name of SSL VC to MFS Capital Partners Limited.

Delta, led by Harding and Group CEO, Ivan Carter, is currently finalising several deals in Jamaica, the wider Caribbean and North America. Harding and Carter, as well as Cobham and SSL Vice Chairman Hugh Croskery believe that there could be collaborative opportunities in the future for both organisations to take advantage of the increasing access to deal-flow, especially in the Caribbean. 

Earlier this year, Delta Capital Partners let it be known that it would be entering the Barbados market with digital commerce and health service businesses.

The plan is to launch a fintech payment platform backed by MasterCard.

Very soon Delta will be rolling out a Telehealth platform.

Delta is looking to acquire a portfolio of companies across many industries throughout the region.

Many private equity players in Jamaica have failed to gain traction, erring more on the conservative side and unable to demonstrate commitment to emerging businesses and entrepreneurs.

Some seem to only have an appetite for hotels and BPOs, citing a one per cent return on investment. Others do not support start-ups, deeming the P/E ratios as unattractive favouring quick returns.

Delta has an altogether more laser-like approach to Private Equity instead of Venture Capital, opting instead to go after taking equity stakes in larger  opportunities, that have the potential to scale regionally.

Harding made it clear that the venture capital route has been tried by many, but is too high risk and Delta at this stage is looking at either already profitable and cashflowing businesses, or creating new opportunities that it owns outright using best-in-class technology, for example in the Fintech and Healtech space.