Mark Croskery forms new private equity company
Published:Friday | November 22, 2019 | 12:00 AM
Mark Croskery has formed his own private equity company, Croskery Capital Limited, which he says already has deals in the pipeline to finalise.
The company was incorporated September with Croskery holding full control.
“As soon as I am able to, I will share the details,” Croskery said of his new venture and the investments he has line-up.
Croskery, formerly headed Stocks & Securities Limited and members companies, including its nascent private equity subsidiary SSL Venture Capital Jamaica, but left the family operation in mid-September. Zachary Harding was appointed as group CEO of SSL Growth Equity, Stocks and Securities, and SSL Ventures.
His departure came at the tail-end of efforts to structure the accounts and records of three start-up marketing companies acquired by SSL Ventures, and recast the accounts of SSL Ventures to deal with issues raised by the company’s auditors. This happened at a time when SSL Ventures was finalising its own reformation from a music publishing failure to a private equity investor.
For SSL Ventures’ first quarter ending September, it made a net loss of $25.7 million, which was blamed on one-off costs. CEO Harding, in the financials, stated that the losses were mainly attributable to its beverage distribution business, ostensibly Bar Central Limited, and that the head office also incurred significant one-off expenses due to the reorganisation and financial management review.
SSL Ventures holds equity stakes in Bar Central, 75 per cent; Blue Dot Data Intelligence, 50 per cent; and Muse 360 Integrated, 51 per cent.