Rebranded MFS Capital closing in on two acquisitions
MFS Capital Partners Limited, formerly known as SSL Venture Capital Jamaica Limited, says it expects to finalise two acquisitions by the end of September.
The targeted companies were not named.
“As this financial year comes to a close, we look forward to the upcoming year of new opportunities and a new perspective,” the company said in a statement to shareholders released with its first quarterly filing since SSL Ventures’ acquisition by Micro-Financing Solutions Limited in May.
In the first quarter of the next financial year, that is, July to September, MFS said its team would be focused on refining the business model as a private equity outfit, strengthening its balance sheet, “execute MOUs to complete its first two strategic acquisitions”, and strengthen its corporate governance structure.
“We currently have a pipeline of targeted acquisitions that we believe will result in attractive and sustainable long-term growth for the company and for shareholder value,” said CEO Dino Hinds and Chief Operating Officer Robert Barnes, who are both directors of the company.
Micro-Financing Solutions acquired SSL Ventures as a shell company that was devoid of core revenue for the year ending June 2022. However, MFS Capital reported preliminary profit of nearly $15 million for the year, on the back of unspecified non-core or other income that amount to $63 million. The profit helped to shrink the company’s accumulated deficits on its balance sheet from $160 million to $150 million.
Assets dipped from $22 million to $12 million, inclusive of $4.5 million of cash.
The company’s results are preliminary and subject to audit verification.