The Kadeen Mairs-controlled Dequity Capital Management Limited exited its investment in Dolla Financial Services Limited on Thursday for $935.75 million as it shifts focus to other private equity investments.

Mairs confirmed the sale to the Jamaica Observer, saying, “I cashed out $1 billion out of Dolla.”

Before Thursday’s sale, Dequity had pledged 460 million Dolla shares against a $600-million secured bond charged to Barita Investments Limited. That bond was due to mature in February 2027. With the disposal, Dequity should receive a net $335.75 million for its own purposes.

Dequity held 19 per cent of Dolla, or 475 million ordinary shares, before the sale, which was done at $1.97 per share. It also sold 25 million Dolla shares during the March 2026 quarter at prices ranging from $2.24 to $2.41, for an average $58.13 million. That means Dequity received a gross $993.88 million from selling its Dolla shares.

The sale comes nearly six months after Dequity’s planned initial public offering (IPO) fell short. Dequity had sought to raise $657.50 million but failed to meet the $500-million minimum subscription threshold, making it the first IPO in more than a decade not to meet its minimum subscription.

Dolla had been Dequity’s main source of cash income through dividends and accounted for nearly two-fifths of its asset base, based on its December 2024 financials. Dequity received an $8.5-million dividend from Dolla in 2020 and a combined $139.80 million in dividends since Dolla listed.

“I think it’s time to have some cash, become debt-free, have a whole lot of dry powder [money], and still own our other companies. We still plan to build other companies,” Mairs said.

Dequity still holds stakes in Pinnacle Insurance Brokers Jamaica Limited, MDLink Limited, Johnston Development Group Limited, M-TwentyFour Investments Limited and Elite Conceptz and Solutions Limited. Its July 2025 financials showed US$27.14 million in total assets and US$20.97 million in equity. Mairs owns 85.7 per cent of Dequity through Mairs Family Office Limited.

Mairs sold M-TwentyFour’s microcredit loan portfolio to Dolla in August 2016, receiving a 25 per cent stake and becoming Dolla’s chief executive officer. He resigned as CEO in July 2023 but remained a director as he focused more on Dequity.

Dequity raised $62.50 million in June 2022 when Dolla went public by selling some shares to the public.

“We still have US$19 million in assets and have US$3 million in cash. We’re continuing to look on other opportunities for growth,” Mairs added.

MAIRS…I cashed out $1 billion out of Dolla.

Who bought Dolla?

Mairs did not disclose who bought Dequity’s shares, and calls to Mayberry Group Limited CEO Gary Peart went unanswered. Mayberry Group subsidiaries have been buying Dolla shares over the last year.

Widebase Limited reached the 21 per cent ownership threshold in June 2025 when it purchased seven per cent of Dolla for $332.50 million. That stake was moved by block trade in December 2025 from Widebase to Mayberry Holdings Limited after Widebase became a substantial shareholder under the Microcredit Act, requiring Bank of Jamaica approval.

Mayberry Jamaican Equities Limited, a 50.4 per cent-controlled Mayberry Group subsidiary, bought another 6.62 million Dolla shares in the March 2026 quarter, lifting its ownership to 12.3 per cent. Mayberry Group collectively owned 33.3 per cent of Dolla at the end of March 2026. Supreme Ventures Limited, where Peart is executive chairman, owns 15 per cent of Dolla.

FirstRock Global Holdings Limited, trading as Premier Private Equity, has sold most of its Dolla shares since July 2023 to Mayberry Group, netting more than $1.96 billion in cash and over $200 million in dividends. It still holds nine per cent of Dolla.

If Mayberry Group subsidiaries bought Dequity’s stake, the group would collectively control 52.3 per cent of Dolla, making it the largest controlling shareholder. That would trigger a mandatory offer under Jamaica Stock Exchange rules, which require an offer to all ordinary shareholders once more than 50 per cent of voting rights is acquired.

The ownership shift comes as Dolla continues to scale. Dolla had $861.09 million in assets, $379.05 million in interest income and $167.80 million in profit before tax in December 2021.

For the 2025 financial year, Dolla reported $5.30 billion in assets, $1.97 billion in interest income and $601.88 million in profit before tax. Its asset base grew to $6 billion by March 2026, with loans of $4.90 billion. That loan book helped Dolla report $513.49 million in interest income and a 56 per cent rise in profit before tax to $187.07 million in the first quarter.

Dolla is awaiting Bank of Jamaica non-objection to acquire the loan book from Supreme Ventures subsidiary Evolve Loan Co Limited, according to CEO Kenroy Kerr. SVL’s 2025 audited financials show interest income on the combined Evolve and Supreme Ventures Fintech Limited loan portfolio grew five per cent to $248.63 million.

Dolla listed a $1.5-billion bond in two tranches on the JSE Bond Market on March 31. It will pay a $0.037 dividend, totalling $92.50 million, on July 13 to shareholders on record as of June 29.