MILAN, Nov. 2 (Class Editori) -- A new M&A will take place in Asia. Today Funds affiliated with Baring Private Equity Asia (BPEA), one of Asia's largest private alternative investment companies, and Permira, the global private equity firm, have announced that BPEA has agreed to acquire Tricor Group, Asia's leading business expansion specialist whose corporate mission is to facilitate globalization in the continent. The transaction is expected to close in H1 2022 subject to regulatory approvals and values Tricor at an enterprise value of 2.76 billion dollars.
Founded in 2000, Tricor — which has global knowledge and local expertise in business, corporate, investor, human resources and payroll, corporate trust and debt services, and governance advisory — provides a solid foundation for the growth of the business and of its clients, from the creation of companies to their IPOs. The Group, which has been controlled by Permira since 2017, completed more than 10 transactions in these years and by now has more than 50,000 clients worldwide, including 20,000 in Mainland China, with over 2,800 employees in 47 offices in 21 markets. Tricor's portfolio involves more than 2,000 companies listed in Hong Kong, Mainland China, Singapore and Malaysia, including more than 40% of the Fortune Global 500 companies, in addition to a considerable number of multinationals and private enterprises active on international markets.
Thanks to its significant experience in the sector, most notably through its investment in global corporate services provider Vistra, BPEA will replicate its successful value creation strategy through this separate and new platform investment in Tricor and will support the company's management team to reinforce Tricor's leadership position in Asia. In fact, with its strong footprint across the region, Tricor is strategically positioned to capture the robust demand for trust or company service providers in Asia, the fastest growing market globally, and to deliver organic growth to BPEA.
"Having admired and closely followed Tricor's progress for many years, we are delighted to be investing in the business. This investment will be managed independently out of our latest fund and will enable us to leverage our experience in the sector to support Tricor’s growth," Nicholas Macksey, Managing Director of BPEA, commented. "We look forward to working closely with Tricor's management team to capitalize on significant expansion opportunities in its markets, and to deliver continued growth".
Lennard Yong, CEO of Tricor Group, added that "today is an exciting day for us as Tricor Group, Asia's leading business expansion specialist, is acquired by BPEA, Asia's leading private equity firm, to continue our transformational growth story. The management partnership with Permira has been invaluable in our journey. We grew revenues and EBITDA respectively by 2 and 2.5 times during this period and I am extremely grateful for the commitment, trust and support of Tricor's leaders, staff, clients, and partners. I look forward to working with BPEA and I am confident that our new partnership will enable Tricor to drive further significant growth and reach even greater heights".
Robin Bell-Jones, Partner of Permira, said that "it has been a privilege to partner with Tricor's team over the last five years. Together we have significantly transformed the company from a heritage brand to a leading-edge business with a deeper presence across Asia, accelerating growth, attracting great talent, enhancing digital capabilities and adding a number of exciting new business lines".
(Source:Class Editori)
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