SSL Group eyes first private equity deal with telecom partner
Published:Wednesday | March 4, 2020 | 12:19 AM
SSL Growth Equity Limited, which trades as SSL Group, is creating a subsidiary for its new private equity operations that is expected to become operational by mid-year.
In the meantime, the company has US$270 million worth of deals under review, one of which is said to be near to signing.
Overall, SSL Group CEO Zachary Harding says they have 15 prospective deals in the pipeline, some of which were negotiated by Harding through his own company, Hyperion Equity Inc.
Hyperion itself is acquiring a stake in SSL Group, but that transaction is still pending.
“We are in the process of setting up the private equity firm now because we have a number of deals that needs to be executed. But to give a timeline, I would say within the next three months,” said Harding.
The private equity transactions under review span fintech, food and beverage, agro-processing, real estate, technology, video surveillance systems, infrastructure development, health and wellness, healthcare and media industries.
“These are all local companies … we have signed a contract with one of the telecommunication companies to launch a commercial Internet protocol camera-based security system and that will become public within the next 30 days,” said Harding.
“We already signed the contract, we are already selling but we are waiting on that company to do a joint announcement,” he said.
The addition of the private equity business will add a sixth subsidiary to the SSL Growth Equity family, the other five being SSL Asset Management Limited (Cayman); SSL Capital (Cayman) Limited; SSL Jamaica and its listed subsidiary SSL Venture Capital Jamaica; and Dolla Financial Services Limited.
Harding said SSL is weighing sale of the Dolla Financial operation. The group is offloading the microfinance and cambio outfit to focus on core business, and may sell by next week. The company has been in talks with potential buyers since December, he said.
As for SSL Ventures, three acquisitions are being finalised for a minimum 50 per cent stake in each.
“Two are local companies and the other is in a Caribbean island. We are now in the final stage of the legal agreement for one of the local acquisitions and we expect to sign and close that within the next 45 days,” Harding said.