BPEA agrees to acquire Tricor from Permira02 November 2021
2 November 2021 - Funds affiliated with Baring Private Equity Asia (“BPEA”), one of Asia's largest private alternative investment firms, and Permira, the global private equity firm, announce today that BPEA has agreed to acquire Tricor Group (“Tricor”), Asia’s leading business expansion specialist whose corporate mission is to facilitate globalisation in Asia. The transaction is expected to close in H1 2022 subject to regulatory approvals. The transaction values Tricor at an enterprise value of $2.76bn.
Founded in 2000, Tricor is Asia’s leading business expansion specialist, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, corporate trust & debt services, and governance advisory. Tricor is a trusted partner to ~50,000 clients globally (including more than 40% of the Fortune Global 500 companies), helping companies and entrepreneurs to establish and expand their businesses into new jurisdictions. Every day, more than 2,800 staff in 21 markets and jurisdictions form the foundation of this leading Asian enterprise.
BPEA has significant experience within the sector, most notably through its investment in global corporate services provider Vistra, and is well positioned to replicate its successful value creation strategy through this separate and new platform investment in Tricor. BPEA will support the company’s management team to reinforce Tricor’s leadership position in Asia. 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. Whilst the market remains highly fragmented with significant consolidation opportunities, Tricor already has proven success as an acquisition platform having completed more than 10 transactions since 2017, under the Permira funds ownership.
Nicholas Macksey, Managing Director, BPEA, commented: “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.”
Lennard Yong, Group CEO, Tricor Group, added: “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 2X and EBITDA at 2.5X 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.”
Robin Bell-Jones, Partner, Permira, said: “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. We wish Lennard and the team ongoing success as the business continues to go from strength to strength.”
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