IK Investment Partners to divest Vistra Group to Baring Private Equity Asia
- Acquisition to accelerate Group’s strategy for growth through market consolidation
- Vistra quadrupled in size under ownership of IK Investment Partners
- Completion subject to regulatory approvals
22 May 2015, Hong Kong – Vistra Group (the “Group” or “Company”), one of the world’s leading providers of company formations, trust, corporate and fund administration services, today announced its majority shareholders, IK Investment Partners through its IK 2007 Fund, and Vistra Group management, have reached an agreement whereby Baring Private Equity Asia (“Baring Asia”) will acquire a majority stake in Vistra Group. The Vistra Group management team will continue to hold a significant shareholding in the Company after completion. The completion of the transaction is subject to regulatory approvals. The parties have agreed not to disclose the financial terms of the transaction.
Baring Asia is one of the largest and most established independent private equity firms in Asia and advises funds that manage more than USD9 billion in committed capital. The firm runs a pan‐Asian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions.
Commenting on the acquisition, Martin Crawford, CEO of Vistra Group, said, “Partnering with Baring Asia is an exciting step for Vistra Group. With Baring Asia's support we will be able to further enhance our leading position in a consolidating industry. We are delighted that Baring Asia has demonstrated a strong commitment to the growth of Vistra’s business as well as to our exceptional people who have been instrumental to our success.”
“With IK Investment Partners’ help we have built Vistra Group into one of the top four corporate trust service providers globally and the number one in Asia, and I would like to thank them for their contribution and commitment over the past six years,” Mr Crawford added.
Jean Eric Salata, Founder and CEO of Baring Asia, added, “Vistra has a winning management team running a solid business with great potential. We look forward to helping management achieve its vision of continuing to grow Vistra as a global market leader.”
Remko Hilhorst, Partner of IK Investment Partners, added, “We are privileged to have been a part of Vistra’s strong success over the past six years. Vistra quadrupled in size under our ownership and became a global leader in its field. Together with the leadership team, we have accomplished our goal of creating value through organic growth and a number of strategic acquisitions in several high growth geographies such as Asia and Central and Eastern Europe. Vistra Group has a very exciting future ahead, and we wish the business continued success going forward.”
JP Morgan, Morgan Stanley and Lazard acted as financial advisors and Clifford Chance as legal advisor to the Company and IK Investment Partners; Goldman Sachs, Credit Suisse and Linklaters advised Baring Private Equity Asia.
For further information, please contact:
Joanna Donne, Brunswick Group
Telephone: +852 9221 3930
Baring Private Equity Asia
Richard Barton, Newgate Communications
Telephone: +852 9301 2056
IK Investment Partners
Charlotte Laveson Girard
Telephone: +44 207 304 7136
About Vistra Group
Ranked among the top four corporate service providers globally, Vistra Group is a versatile group of professionals, providing a uniquely broad range of services and solutions. Our capabilities span across company formations to trust, fiduciary and fund administration services. Comprising two key brands, Vistra and OIL, the Group employs over 1,300 employees in 46 offices across 35 jurisdictions. For more information, please visit: www.vistragroup.com, www.vistra.com and www.oilglobal.com
About Baring Private Equity Asia
Baring Private Equity Asia is one of the largest and most established independent private equity firms in Asia and advises funds that manage more than USD9 billion in committed capital. The firm runs a pan‐Asian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions. The firm has been investing in Asia since its formation in 1997 and has over 110 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. Baring Asia currently has over 30 portfolio companies across Asia with a total of 95,000 employees and sales of approximately USD30 billion in 2014. For more information, please visit: www.bpeasia.com
About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in Europe. Since 1989, IK Funds have raised more than Euro 7 billion of capital and invested in close to 90 European companies. IK Funds invest together with management teams in mid-sized companies that have strong improvement potential, operating in the business services, care, industrial goods and consumer goods sectors. The current portfolio comprises 21 companies. For more information, please visit: www.ikinvest.com