Friday 25 September, 2020

SSL completes sale of Dolla Financial, shifts focus to private equity

SSL finalizing the sale of its majority stake in Dolla Financial Services. The Investment house has divested the micro finance operation as it refocuses on its private equity operations. Seated (left), Zachary Harding -SSL Group CEO, Seated (right), Kadeen Mair- CEO, Dolla Financial Services. Standing (left to right) Allison Hemmings- CFO SSL, Marc Ramsay- Partner Ramsay Smith, Hugh Croskery-Founder, SSL.

SSL finalizing the sale of its majority stake in Dolla Financial Services. The Investment house has divested the micro finance operation as it refocuses on its private equity operations. Seated (left), Zachary Harding -SSL Group CEO, Seated (right), Kadeen Mair- CEO, Dolla Financial Services. Standing (left to right) Allison Hemmings- CFO SSL, Marc Ramsay- Partner Ramsay Smith, Hugh Croskery-Founder, SSL.

Stocks and Securities Limited (SSL) has advised that it has completed the transaction sale of its majority stake in microfinance firm, Dolla Financial Services (Dolla).

Under the new leadership of Group CEO Zachary Harding, SSL has been in the process of restructuring business operations with renewed focus on private equity investments.

SSL Growth Equity had, until the time of the sale, held 70 per cent controlling interest in Dolla.

According to Harding, the divestment of Dolla is a part of an ongoing strategic programme.

“Dolla has been a positive part of the SSL suite of services for over a decade, however, the company is now on a different path and we have shifted gears. We saw the opportunity to make a significant return on the initial investment while we redirect our efforts into new target areas.”

Dolla, which was founded by entrepreneur Kadeen Mair in 2009, will now fall under the umbrella of First Rock Capital Holdings.

Harding elaborated that Mair had done a tremendous job in growing the start-up entity into what is now a sought-after business. 

“While Dolla no longer aligns with our current vision we wanted to support Kadeen through this transition. We started weighing the idea in December but once it came out in the news that we were considering a sale the response was overwhelming. We got several serious enquiries from potential buyers. We negotiated with the partners who we believed had Dolla’s best interest at heart, and who would be the right fit to take the business forward and made a final decision,” Harding went on to note. 

The sale was settled seamlessly amid SSL’s preparations for COVID-19, SSL said, noting that it had implemented a work from home policy to protect staff and clients from the impact of the coronavirus.

SSL has been undergoing comprehensive restructuring following the departure of the previous CEO Mark Croskery.

Harding, now at the helm, has been reshaping SSL’s leadership team.

The unconventional CEO has been guiding the company into a new direction with a core competency in private equity investment by combining his experience and deal flow from his previous private investment firm, Hyperion Equity LLC. 

SSL is the second oldest stock brokerage firm in Jamaica, having been in operations for over 40 years and over that time has maintained a boutique investment clientele.

The company in its current iteration was founded by veteran financier Hugh Croskery who continues to support the SSL team as Deputy Chairman of Stocks and Securities Ltd. and Chairman of SSL Growth Equity Barbados.

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