Silva Investment Limited, a St. Lucia registered private equity firm, becomes the parent company of Torpedo Loans, with immediate effect.
Torpedo, established in 2008, the largest network of micro-financing locations in Jamaica. With 32 branches, Torpedo leads the market with the no collateral, no guarantor business model which has led to their growth and dominance over the past 10 years. Mr. Courson Robinson, Regional Lead stated, “As Silva Investment grows throughout the Caribbean, we will use the Torpedo brand as a vehicle for a suite of products specifically tailored to the needs of the unbanked and under-banked segments of the Caribbean.”
Torpedo has established a reputation as a market leader for providing access to small loans for underserved Jamaicans. Their unorthodox marketing strategies have led to profit margins tripling over the last 5 years. “With a database of over 80,000 clients and over 30,000 loyal customers, we see no better vehicle for increasing our presence in the Caribbean” said Regional Lead Mr. Courson Robinson of Silva Investment Limited. Under the new structure, much investment will be made in improving the loan products, corporate governance, implementing management software, better interest rates, and raising the brand equity to provide Torpedo with an even broader platform for growth and success, both in existing services and new areas.
Commenting on the acquisition, Rohan Silvera, Executive Director of Torpedo Loans Limited “This is a great deal for both Silva Investment and Torpedo. We are confident that Silva Investment will be able to support Torpedo in increasing its quality standards and brand equity as it seeks to strengthen and increase its presence in Jamaica and throughout the Caribbean.”
Torpedo’s, Executive Director Rohan Silvera said, “In the last few years, the company has successfully completed a transition from being one of the smallest to largest micro-financing companies in Jamaica. I have been instrumental in its growth and believe the time is now to step down as Executive Director and assist Silva Investment from a board level as they grow their brand in Jamaica and throughout the Caribbean. The Silva team has enjoyed significant growth over the past 6 years by acquiring and building valuable businesses. They have expressed a clear roadmap of how they will manage and grow Torpedo and have assured me that employees will maintain their jobs in an improved working environment.”
Rohan Silvera, smiled has he expressed how pleased he was to have found a group of progressive and experienced individuals to lead the changes he knows Torpedo needs. Explaining the challenge over the past few weeks have been accepting he doesn’t have all three phones to answer, and he isn’t a part of the everyday operations anymore. When asked, “
What are you going to do now on a daily basis?” He responded “I am already in the process of building another business.”