Harding resigns from SSL to focus on Delta Capital

Zachary Harding, who led the reorganisation of SSL Group into a leaner operation, is leaving the company to focus his energies on Delta Capital Partners Limited in which he is a shareholder.

One of his immediate priorities is raising capital for a US$100 million fund that Delta will utilise for big investments.

Harding’s resignation, which takes effect on June 30, follows the offloading of problematic subsidiary SSL Venture Capital Jamaica Limited to Micro-Finance Solutions.

His position as CEO of SSL Growth Equity (Barbados) and Stocks and Securities Limited is temporarily being filled by retired veteran banker Jeffrey Cobham until SSL Group, which was founded by Hugh Croskery, finds his replacement.

Harding stepped in as CEO of the group in October 2019 when his own company, Hyperion Equity Inc, acquired a stake in SSL. Since then, Harding cobbled various deals to shrink the group, including the offloading of SSL REIT Limited to Kingston Wharves Limited, and before that the sale of microfinance company Dolla Financial Services Limited to First Rock Capital Holdings, and more recently SSL Ventures under a friendly takeover mounted by Micro-Finance Solutions.

While work was being carried out on reshaping the SSL Group to refocus on private equity and maintaining the brokerage business of SSL Jamaica, Harding and Croskery partnered on the formation of Delta Capital Partners Jamaica, a subsidiary of St Lucia-registered Delta Capital Holdings Limited.

DeltaCap Jamaica, as a private equity firm seeking capital to growing its business, would leverage the services of SSL as a brokerage firm.

To date, DeltaCap has deployed US$10 million into the acquisition of stakes in eight companies – CaribShopper, Senit, Fintech Payments Platform, Link 2 Lenders, Qanik, P2 Controls, Piarco Air Services and Irie Jam.

DeltaCap has raised another US$12.5 million to fund the acquisition of what Harding would only describe as a “payments firm” in which the company will have full ownership.

“There is one deal that we are pursuing now in Barbados that is close to completion. That will chart a new course for DeltaCap, especially under the payment services side of the business,” Harding told the Financial Gleaner.

“It will also usher in a new era for us because that will be a fully operating company with cash flow,” he said.

It will become DeltaCap’s largest acquisition to date and is expected to move the company’s assets from US$75 million and closer to US$300 million.

Harding is upbeat about the prospects of the upcoming deals, saying it provides a perfect opportunity for him to focus solely on DeltaCap which Company Office of Jamaica records now show as being owned by Harding, Croskery, Anthony Dunn, Allison Hemmings and Ivan Carter.

Formed in 2020, DeltaCap Jamaica is the parent company of Delta Financial Services, Delta Health and Wellness, Delta Real Estate, Delta Industrial, Delta Industrial, Delta Hospitality, Delta Fintech and Delta Media and Entertainment.

The Barbados company will be acquired through Delta Payments Services Limited, which will become a subsidiary of Delta Financial Services.

The private equity deals executed so far by DeltaCap involved the individual deployment of funds ranging from US$500,000 to US$3 million for stakes ranging from 20 per cent to 100 per cent. It currently has full ownership in one business, Jamaica-based fintech Payments Platform. The rest are minority stakes.

“The deals that we are looking at now are in the US$10 million to US$50 million range. We have a prospectus that we have developed in conjunction with a US-based investment banking firm and we are seeking to raise a US$100 million fund. We have enough vetted deal flow to support that,” said Harding.

Delta Capital’s top management includes Harding as executive chairman, Carter as group CEO and Dunn as chief investment officer.

karena.bennett@gleanerjm.com