LONDON, July 14, 2014 /PRNewswire/ --
Significant step in expansion of TMF Group's operations in Asia Pacific
TMF Group, a leading provider of high value Outsourced Business Services to clients operating and investing globally, is pleased to announce it has agreed to purchase KCS Limited - the leading independent pan-Asian corporate services provider specialising in corporate accounting, corporate secretarial and payroll services - from UCL Asia Partners, L.P.
(Logo: http://photos.prnewswire.com/prnh/20140714/696978)
Originally founded in 1946, KCS Limited was acquired by UCL Asia Partners, L.P. in 2003 following its spin-off from KPMG. Since then, KCS Limited has grown from 43 employees working from a single Hong Kong office to 470 employees, spanning 14 locations in eight countries/regions, through a combination of strategic acquisitions and organic growth.
The acquisition will strengthen TMF Group's existing platform in Asia Pacific, increasing the breadth and depth of TMF Group's Outsourced Business Services offering in the region and enabling significant future growth.
TMF Group funded the acquisition from existing resources. The financial terms of the transaction have not been disclosed.
Tom Corkhill, Chief Executive of KCS Limited, commented:
"This deal marks an important stage in the development of our business. Combining our specialist skills, local knowledge and high quality client base with TMF Group's truly global footprint is hugely exciting for both us and our clients who will now have the ideal partner to help them expand internationally into over 75 countries worldwide."
Hugo van Vredenburch, Chief Executive of TMF Group, added:
"Asia Pacific is a key growth area for our business. This acquisition builds on our existing portfolio of services and provides an excellent operational fit, with KCS Limited and TMF Group providing critical and high value-add Outsourced Business Services from many of the same locations."
"The transaction will bring significant benefits to both our businesses and extend TMF Group's reach in the Chinese market, giving us unrivalled service capability in the region. I am delighted to welcome Tom and the team to TMF Group and look forward to working with them."
UCL Asia Partners, L.P., added:
"We are very pleased that KCS will become a part of TMF Group. Under the guidance of Chairman Iain Bruce and Chief Executive Tom Corkhill and their senior management team, the business has established a position as one of the key players in the industry. TMF Group provides a perfect fit with KCS and we are particularly pleased that TMF Group is focussed on maintaining the KCS ethos and culture. UCL Asia was advised by Citigroup led by Will McLane and Gibson, Dunn & Crutcher led by Graham Winter. We wish everyone at KCS and TMF Group continuing success."
About TMF Group:
TMF Group is a leading global provider of high value business services to clients operating and investing globally. It focuses on providing highly specialised and business-critical financial, legal and human resource administrative services that enable clients to outsource their back office functions and operate their corporate structures, finance vehicles and investment funds in different geographical locations. TMF Group has operations in more than 75 countries across the Americas, Asia Pacific, Europe and the Middle East. The company is majority owned by Doughty Hanson, one of the largest independent private equity firms in Europe, which acquired it in 2008.
About KCS Limited:
Founded in 1946, KCS Limited is the leading (since 2003) independent pan-Asian corporate services provider specialising in corporate accounting, corporate secretarial and payroll services. Headquartered in Hong Kong, the company has 470 employees, spanning 14 locations in eight countries/regions.
