BPEA EQT completes the merger of Vistra and Tricor, creating a global fund and corporate services platform
• BPEA EQT is pleased to announce the completion of the merger of Vistra and Tricor to create a global leader in the fund and corporate services industry
• This merger allows BPEA EQT to unlock significant value creation opportunities and provides a runway for further consolidation in a highly attractive market where Asia is a core growth region
• The combined business creates a powerhouse of over 9,000 professionals in 50+ jurisdictions, offering unrivalled quality, scale, and breadth of capabilities
EQT is pleased to announce that BPEA Private Equity Fund VIII (“BPEA EQT”) has completed the merger of Vistra with Tricor, an existing BPEA EQT Fund VIII portfolio company, in a transaction which values the combined company at an enterprise value of US$ 6.5 billion. The combined business creates a leading platform of over 9,000 professionals in 50+ jurisdictions, offering unrivalled quality, scale, and breadth of capabilities. This will enable clients to navigate the increasing complexities of managing, operating, and growing their businesses globally. This merger allows BPEA EQT to continue to deploy its fund and corporate services playbook to drive further organic and inorganic growth across the platform.
With more than 5,000 professionals in over 45 jurisdictions, Vistra is a global fund and corporate services provider and helps clients to reduce risk and enhance efficiency through the provision of expert advisory and administrative support. Vistra represents 20% of the Fortune Global 500 and works with two-thirds of the Private Equity International 300 firms, including all of the top ten.
Tricor is Asia’s leading business expansion specialist, with global knowledge and local expertise in business, corporate, investor, human resources and payroll, corporate trust and debt services, and governance advisory. Tricor provides the building blocks for clients’ business growth, from incorporation to IPO and beyond, and currently serves more than 40% of the Fortune Global 500 companies.
Jack Hennessy, Partner within BPEA EQT’s Advisory Team, said, “We are delighted to support the merger of two leading businesses in the fund and corporate services market globally. Both companies have been very successful under BPEA EQT’s ownership and we are looking forward to continuing to partner with the combined platform which is even better positioned to grow globally.”
Simon Webster, who joined Vistra in November 2022 as CEO, will be CEO of the combined business. “This is an exciting day for both Vistra and Tricor and it is a significant milestone in the growth strategy of both organisations. The two business are highly complementary and have capabilities which together offer clients a range of significant value-creation opportunities. Through this combination, we can provide an expanded range of products and services across a broader geographic footprint supported by best-in-class technology,” said Simon.
Nicholas Macksey, Partner within BPEA EQT’s Advisory Team, said, “With the merger of Vistra and Tricor, we are excited to execute a compelling value creation strategy centered on further enhancing the commercial function, continuing to invest in the business’ leading technology platforms and offer incremental M&A as appropriate. The combined platform can provide its global clients an even stronger value proposition through a unified service provider.”
BPEA EQT, Vistra and Tricor were advised by Goldman Sachs, Lazard, Barclays and HSBC (financial), Latham & Watkins, Ropes & Gray and Milbank (legal), PwC and EY (financial & tax), and Oliver Wyman (commercial).
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