Director of Micro-Financing Solutions (MFS) Group, Dino Hinds, says his company is not intimidated by the chequered past of the recently acquired SSL Venture Capital (SSLVC). 

SSLVC listed on the Jamaica Stock Exchange in 2018, after a reverse takeover from music publishing company, C2W. The renamed and rebranded SSLVC then made equity investments in three Jamaican companies. 

However, two of those companies had ceased operations by 2020 and SSLVC sold its entire stake in the third.

Speaking on Taking Stock with Kalilah Reynolds, Hinds said he does not believe that there is any “bad luck” surrounding the company. He said that he is confident in the new management team that has been put in place to run SSLVC.

“What our team brings to the table is over a 100 years experience combined, in terms of our investment banking, real estate investing, accounting and compliance. I think we have a strong team,” he said.

The Director did note, however, that they have already begun the process of changing the company’s name to fall more in line with the MFS brand.

“We have already put in a request to change the name of the company to our brand- MFS Capital Partners. So after that is approved then the name and the ticker will change,” he said.

A new name is not the only change that Hinds said will be made to SSLVC.

He said while he intends to continue SSLVC’s private equity business model, the company will be looking to invest in businesses that are more medium-sized than small.

“We’re looking at companies that are at a different level in terms of their lifecycle, so we are not interested in the startups part of life. That’s not our core objective right now. We’re looking for dynamic companies that have strong cash flow that can become a part of our group,” he explained.

The Director said that some criteria for companies that the group would be interested in are those that have shown strong growth over a 3-5 year period and currently have revenues of over $100 million.

He noted that private equity investments will play a substantial role in the group’s future. Hinds said it is expected to take up some 30 percent of the group’s overall portfolio.

He noted, however, that the company’s core objective is to become a full service financial institution, and as such, its other segments such as money and cambio services will remain an important part of its business.

The Director said that the acquisition of SSLVC is part of the overall plan to position itself as a player in the private equity market.

“Our primary purpose is to utilise that company as a SPAC; a special purpose acquisition company and the very first move that we will be making is to use the company to acquire our flagship company, Micro Financing Solutions,” Hinds said. 

The move will see the MFS Group making its way onto the Main Market of the Jamaica Stock Exchange, as SSLVC is already a listed company.

Hinds said that the company saw this as an easier way to gain access to the market, but the structure of the acquisition will not inhibit other companies in the group from coming to market. 

He explained that SSLVC will become a private equity company that owns several subsidiaries.

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