10 hours ago
1
Private equity firm MFS Capital Partners Limited has completed a strategic portfolio clean-up, disposing of two dormant subsidiaries — Muse 360 Integrated Limited and Bar Central Limited — as part of its renewed focus on core financial services.
The move, disclosed in the company’s annual report resulted in a gain on disposal of $28.3 million, boosting group profitability and strengthening its balance sheet. The disposals also eliminated $41.3 million in liabilities and removed $15.6 million in non-controlling interest, according to Note 13 of the report.
MFS, despite the disposals, plans to diversify its revenue by acquiring new fast growing companies in various sectors, stated CEO Dino Hinds in the annual report.
“To this end, we are in advanced negotiations to complete a second acquisition, which we hope to have finalised before the end of our financial year,” he added.
MFS originally acquired 51 per cent of Muse 360 Integrated Limited and 75 per cent of Bar Central Limited in July 2018, which the company valued at $26.37 million and $5.99 million a year ago. These investments were fully impaired prior to disposal, reflecting years of underperformance, according to the MFS report.
The subsidiaries were sold for no cash consideration, a decision management justified as necessary to “concentrate efforts and capital” to drive profits for its core business,” notably Monolith Financial Services. The write-off also removed goodwill of $53.8 million tied to the acquisitions, which had been impaired in prior years, the report said.
Muse 360 was once touted as a creative marketing and commercial solutions agency. Founded by André Burnett, a well-known advertising executive, the company gained attention for its experiential campaigns and digital activations. SSL Venture Capital (the predecessor to MFS) acquired a controlling stake in 2018 as part of a diversification push into creative industries. However, by 2019, Burnett exited the business, and operations slowed amid mounting losses.
Industry reports from that period noted Muse 360’s partnership with Trend Media Group, a Digicel subsidiary, which took a minority stake in a Muse 360 unit to bolster digital advertising capabilities. Despite these efforts, the company struggled to scale and was eventually mothballed, MFS said.
Bar Central operated in the beverage distribution and branding space, offering promotional services for liquor brands and event activations. Originally spearheaded by Kevin Frith and entrepreneurs linked to SSL Ventures’ lifestyle portfolio, the entity faced stiff competition and declining margins. By 2020, Bar Central had ceased active trading, leaving liabilities that weighed on the group’s financials, MFS said.
The disposals mark a decisive pivot for MFS Capital Partners. Chairman Clide Nesbeth emphasized in his annual message that the company is “channelling energy and capital into a singular, powerful force for growth: Monolith Financial Services,” which now anchors the group’s strategy in cambio, remittance, and private credit services.
Its capital climbed to $305 million to September from $230.2 million a year earlier. But its first quarter suffered from a reduction in earnings from other income streams, leading to profit of $12 million to September from $45 million a year earlier.
MFS has signalled plans for regional expansion and a possible dividend policy. The clean-up of legacy investments underscores its intent to exit non-core ventures and pursue scalable financial services across the Caribbean.
English (US) ·