Sygnus Credit Investments Limited (“SCI”) is pleased to announce that SCI, through its subsidiary SCI Puerto Rico Inc., completed the acquisition of 93.66% of the shares in Acrecent Financial Corporation (“AFC”) effective February 28, 2022. Management will retain 6.34% stake in the company.
The Puerto Rican regulator, the Office of the Commissioner of Financial Institutions (OCFI), approved the acquisition of the Shares on February 18, 2022.
The purchase price paid for the Shares was US$21,223,591. In addition, the acquisition consists of an earnout, that will only be contingent on the attainment of agreed material financial targets.
About Acrecent Financial Corporation
AFC was founded in 2003 and is a Private Credit Investment company that operates in Puerto Rico, a territory of the United States. It is a licensed financing and leasing company focused primarily on the senior secured private credit market for small and middle-market businesses in Puerto Rico. Puerto Rico is a US$100 billion economy with a population of 3.2 million.
AFC has a private credit portfolio of at least US$60,000,000 and assets under administration of at least US$125,000,000. The company is led by a very experienced team with an impressive track record in credit management. The senior managers have had extensive careers in the commercial finance industry, primarily from GE Capital in the US and Mexico, and Banco Popular in Puerto Rico.
