Business expansion company Tricor Group (Tricor) will soon be acquired by Baring Private Equity Asia (BPEA) from private equity firm Permira, as the transaction is expected to complete by the first half of 2022. After the acquisition, BPEA will support the company’s management team to reinforce Tricor’s leadership position in Asia, tapping into the opportunities of company service providers in Asia.
The transaction values Tricor at an enterprise value of US$2.76 billion. Currently, Tricor has about 50,000 clients globally, including more than 40% of the Fortune Global 500 companies according to the business, helping companies and entrepreneurs to establish and expand their businesses into new jurisdictions. It now operates in 21 markets and jurisdictions. Tricor has completed more than 10 transactions since 2017 under the Permira funds ownership.
BPEA said it has significant experience within the sector mainly through its investment in global corporate services provider Vistra. "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. We look forward to working closely with Tricor’s management team to capitalise on significant expansion opportunities in its markets, and to deliver continued growth," said Nicholas Macksey, managing director of BPEA.
Meanwhile, Tricor is hoping the transaction can help continue its "transformational growth story." "The management partnership with Permira has been invaluable in our journey. We doubled the revenue and increased EBITDA by 2.5 times during this period and I am extremely grateful for the commitment, trust and support of the Tricor 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," said Lennard Yong, Group CEO, Tricor Group.
Permira's partner Robin Bell-Jones also added, "It has been a privilege to partner with the Tricor 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."
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