Baring Private Equity Asia has acquired a majority stake in the Vistra Group, a global provider of company formations, trust, corporate and fund administration services. The current majority shareholders of the Vistra Group are its management and the IK Investment Partners, through IK 2007 Fund.
The Vistra Group management team will continue to hold a significant stake after acquisition. The financial terms of the acquisition have not been disclosed.
JP Morgan, Morgan Stanley and Lazard acted as the financial advisors for the acquisition. Clifford Chance acted as legal advisor to Vistra and IK Investment Partners, while Goldman Sachs, Credit Suisse and Linklaters advised Baring Private Equity Asia.
Baring Asia is a significant player in the Asian private equity space and advises funds that manage more than $9 billion in committed capital. It also operates a pan‐Asian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions.
Remko Hilhorst, a partner of IK Investment Partners noted that under their ownership, Vistra had quadrupled in size in a span of six years, conducted several strategic acquisitions across Asia and Central and Eastern Europe, positioning it for further robust and positive growth.
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.”
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.”