Sygnus takes a majority stake in Acrecent Financial Corp.
By The Star Staff
Sygnus Credit Investments Limited (SCI) has taken a majority stake in the Puerto Rican private credit company, Acrecent Financial Corp., according to a report in the Jamaica Gleaner.
On Dec. 22, through its newly formed subsidiary SCI Puerto Rico Inc, Sygnus entered into a stock purchase agreement to acquire Acrecent. The closing of the transaction is pending regulatory approval of the Office of the Commissioner of Financial Institutions (OCFI) in Puerto Rico, the newspaper said.
“We’d promised shareholders to get to US$100 million in portfolio size by 2023. By all accounts, at US$93 million we’re almost there. In order to continue on this path, we are pushing through to bigger and deeper economies across the region,” said Sygnus Group CEO Berisford Grey, adding that the new market also has opportunities for portfolio diversification, given Puerto’s Rico’s pharmaceutical, chemical and medical equipment industries.
“We see it as a big win for SCI investors in terms of diversification, growth opportunities and exposure to some industries that are not yet a part of the normal Caribbean space,” Grey told the Gleaner.
Started in 2003, Acrecent Financial Corp. is said to be one of the largest private credit companies in Puerto Rico. Its portfolio spans machinery and equipment lease financing in a range of industries; commercial real estate; and financing for capital, projects and business acquisition.