TMF Group, a global provider of compliance and administrative services, has today announced its acquisition by CVC Capital Partners (CVC), one of the world’s leading private equity and investment advisory firms for a total consideration of €1.75bn.
The acquisition will allow TMF Group to capitalise on significant future growth opportunities that exist in its markets as it scales its global platform, adds new clients and services, and continues to attract and retain the very best talent in the industry. The transaction is subject to customary regulatory and anti-trust approvals.
TMF Group, with 125 offices in 83 jurisdictions, provides compliance and administrative services to over 15,000 clients in a €10 billion market. As a result of the acquisition by CVC, TMF Group will not proceed with its recently announced intention to float on the London Stock Exchange. TMF Group would like to thank public market investors for their strong engagement and support in recent months. CVC acquires the business from DH Private Equity Partners, which first acquired TMF Group in 2008. The transaction is expected to complete in the first half of 2018, subject to regulatory approvals.
Commenting on the transaction, Frederik van Tuyll, Chief Executive Officer of TMF Group said today: “TMF Group has an exciting future ahead of it and the management team and employees of the company are looking forward to partnering with CVC in the next phase of its growth. TMF has a unique global platform, exceptional talent, and a diverse client base that gives us every confidence that the coming years will be as successful as those previously. We have enjoyed an outstanding relationship with DH Private Equity Partners which, since acquiring TMF, has made a significant contribution to our growth. We look forward to an equally rewarding partnership with CVC which has a strong track record of helping companies grow.”
Ivo Lurvink, Partner at CVC, commented: “TMF Group is an industry-leading business that has grown strongly in recent years by providing a unique suite of business-critical services to its clients. The global business environment is dynamic and increasingly complex, and TMF is extremely well placed to help its clients operate successfully and to the highest regulatory standards.”
TMF Group was advised by Goldman Sachs International and HSBC Bank plc.
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For further information, please contact:
Justin Griffiths (Powerscourt)
+44 (0) 207 250 1446
TMF@powerscourt-group.com
Notes to Editors:
About TMF Group:
TMF Group helps global companies expand and invest seamlessly across international borders. Its expert accountants, legal, HR and payroll professionals located around the world assist clients with their corporate structures, finance vehicles and investments. With business services offered in more than 80 countries, TMF Group is the global expert that understands local needs.
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of over $107 billion from some of the world’s leading institutional investors across its private equity and credit strategies. In total, CVC currently manages over $65 billion of assets. Today, funds managed or advised by CVC are invested in 50 companies worldwide, employing c. 310,000 people in numerous countries. Together, these companies have a combined annual sales of over $70 billion. For further information about CVC please visit: www.cvc.com