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Inflexion Private Equity is pleased to announce that its portfolio company Ocorian, a leading global financial services firm, has entered into an agreement to acquire ABAX Holding Limited (“ABAX”), an integrated advisory, corporate and business services provider based in Mauritius.
The acquisition will significantly extend Ocorian’s service range and delivery capability into Africa, Asia and the Middle East. In turn, ABAX clients will now be able to access a much wider range of specialist alternative investment, corporate and private client services, across Europe and North America.
The deal is the fourth for Ocorian in the last 6 months, following the recent acquisition of Capco together with the acquisitions of MAS and Intruad / Intruma in 2017. Each acquisition has enhanced Ocorian’s service provision to clients, whilst also extending its geographical presence in Jersey, Mauritius, Luxembourg and the Netherlands.
Ocorian has performed strongly since the original investment by Inflexion 18 months ago, increasing EBITDA by c.2.5x driven by organic growth and M&A.
The transaction is subject to regulatory consent.
Commenting on the acquisition Nick Cawley, CEO of Ocorian, said “This transaction reflects the sustained expansion and diversification of Ocorian’s business and our commitment to growth in leading jurisdictions. It will further strengthen our position as a leading global financial services provider and give enhanced range and scope across both Africa and Asia.”
Simon Turner, Managing Partner, Inflexion, commented “We are committed to supporting acquisitive growth within our investee businesses and are delighted to be supporting this transformational transaction for Ocorian. The transaction creates a business of global scale that is better placed to service the needs of customers wherever they are based. This acquisition is a further testament to the growth ambitions of Ocorian’s tenacious management team.”
Richard Arlove, CEO of ABAX added “Our priority for this transaction was to find a partner that would truly help us to realise our growth ambitions of being a leading provider of integrated advisory, corporate and business services for Africa while consolidating our offering for Asia. This transaction allows us to create further value for clients through synergies with an increased number of international jurisdictions, particularly within Europe and North America.”
This investment was made by affiliated funds advised by Inflexion Private Equity Partners LLP.