First Rock Capital Holdings Limited, in notes attached to audited financial statement s for 2020, revealed that it reached an agreement, on March 31, 2021, to sell Dolla Financial Services for the consideration of US$1 million
Though mum on the name of the buyer, CEO Ryan Reid disclosed that it was an “affiliated entity”. He further outlined that the sale of Dolla Financial, which comes a year after First Rock Capital acquired it, would allow the group to return to its business — real estate.
“The truth of the matter is that it was a transaction presented to First Rock and we saw in it an opportunity to regenerate on the acquisition for sale this year,” Reid shared with Caribbean Business Report.
“Our core business is that of real estate and the decision was taken to realign. On top of that, we sold the business for 120 per cent of profit of sale and so we made money on the sale of the business,” he explained further.
Over a year ago, in March 2020, First Rock Capital Holdings announced the acquisition of a 75 per cent stake in the microfinancier for US$500,000. At the time, Dolla Financial had six branches in Jamaica and another in Guyana, which First Rock identified as an opportunity to enter a new market.