HONG KONG, Dec 17 (Reuters) - U.S. investment firm Warburg Pincus said on Wednesday it would invest in Hong Kong-based corporate and business services firm Acclime.
The deal would value Acclime at between $950 million and $1 billion, said two people with knowledge of the matter, adding that Warburg Pincus will take control of the business.
KEY DETAILS
- Warburg Pincus said in a statement it would seek to leverage its track record in business services platforms to support Acclime's international expansion. The firm did not disclose financial details.
-Under the deal, Acclime's enterprise value could be about $1 billion, said one of the sources. The sources declined to be identified discussing confidential matters.
- Buyout firms such as KKR & Co, CVC Capital Partners and TPG were also interested in Acclime, sources have said.
CONTEXT
Acclime was founded in 2019 by Martin Crawford and Debby Davidson to help corporations navigate Asia's complex markets, according to its website.
Investment manager Barings provided senior secured credit facilities totalling more than $150 million in May 2024 to support Acclime's continued expansion.
Acclime operates across the Asia-Pacific and has offices in Mauritius, Seychelles, UAE, and Samoa, its website shows.
Since its founding, Acclime has completed more than 50 acquisitions to build a platform that spans 18 markets and employs more than 2,000 professionals, according to Warburg Pincus.
The firm serves over 17,000 clients. Its services include accounting, tax, HR and payroll, secretarial as well as risk and advisory services.
(Reporting by Kane Wu; Editing by Stephen Coates and Edwina Gibbs)
By Kane Wu
