Durrant Pate/Contributor

Private equity firm MFS Capital Partners has signed a memorandum of understanding (MOU) with Century Business Machines (CBM) to acquire a 100 per cent equity stake.

MFS Capital’s acquisition of CBM, one of Jamaica’s leading providers of office supplies, furnishings, and comprehensive office solutions, took effect on Wednesday (March 18).

Chief executive officer of MFS Capital Partners, Dino Hinds, made the announcement during the company’s fourth annual general meeting held earlier on March 19. 

The acquisition represents a strategic milestone in MFS Capital’s growth strategy and is expected to significantly enhance the Company’s revenue base and portfolio diversification.

Exclusive negotiations 

The MOU sets the framework for exclusive negotiations between the parties and outlines the key terms and conditions for the proposed transaction. The acquisition aligns with MFS Capital’s stated objective of acquiring scalable companies across diverse sectors and leveraging the group’s expertise to enhance operational efficiencies and financial performance. 

The acquisition remains subject to the satisfactory completion of due diligence, completion of negotiation and execution of definitive agreements, and the receipt of any required regulatory approvals. Further updates will be provided to shareholders and the market in accordance with the disclosure requirements of the Jamaica Stock Exchange, where MFS Capital equity is publicly traded.

Commenting on the move, Hinds says, “We are very excited at the signing of this MOU. This acquisition is in keeping with our outlined strategy to grow revenues and expand our portfolio with established, profitable businesses. CBM is a well-respected brand with a strong market presence and a loyal customer base. We look forward to completing this deal and welcoming CBM to the MFS family, while continuing our due diligence on other prospects in our pipeline.”