5th October 2016
Permira, the global private equity firm, announced today that a company backed by the Permira funds, has agreed to acquire Tricor Holdings Limited ("Tricor"), the leading provider of integrated business, corporate and investor services in Asia Pacific, from The Bank of East Asia, Limited ("BEA") and NWS Holdings Limited ("NWS Holdings"). The total consideration amounts to HK$6,470 million (US$835m), including at least HK$400 million (approximately US$50m) in cash acquired as part of the transaction. BEA and NWS Holdings hold 75.61% and 24.39% respectively, in Tricor, through East Asia Secretaries (BVI) Limited, which is Tricor's sole shareholder. Tricor’s management will become investors in Tricor alongside the Permira funds.
Founded in 2000, Tricor is a leading Hong Kong-based corporate services provider across 20 markets globally, with a strong presence in 13 markets in the APAC region. It offers a range of services across accounting and payroll for MNCs and SMEs, corporate governance and secretarial services for both listed and unlisted companies, and investor and share registry services. Over the past 16 years, under BEA’s stewardship, Tricor has successfully grown in scope, reputation, and geographic footprint through a combination of M&A and organic expansion to become the Asian regional leader in outsourced corporate services. A premium brand, Tricor enjoys an enviable reputation for its ‘Big Four’ accounting firm heritage, its long-standing blue-chip client base, high customer loyalty and strong revenue visibility.
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