CVC Capital Partners ("CVC") and Headland Capital Partners Limited ("Headland") announced today that funds advised by CVC, in partnership with the management team, have agreed to acquire a majority stake in The Executive Centre Limited ("The Executive Centre") from funds advised by Headland. Funds advised by Headland will retain a minority ownership in the business.

The Executive Centre, founded in 1994 by current Chairman and CEO Paul Salnikow, is Asia's leading premium serviced office provider, with 61 centres across 20 major cities in 10 countries across the region, generating over $100m of revenues.

Headquartered in Hong Kong, the business operates serviced offices in key Asian countries, including China, Hong Kong, Japan, India, Korea, Indonesia, Singapore and Australia. The Executive Centre provides high quality serviced offices, virtual offices, meeting facilities, video conferencing and a broad range of business concierge services for a large number of premium multi-national and local clients.

The Executive Centre has demonstrated a consistent track record of high growth over its 20 year history, through a combination of organic growth and selective roll-out of new centres in locations across Asia.

Paul Salnikow, Chairman and CEO of The Executive Centre said: "We are delighted to have CVC as our new partner as we enter the next phase of our company's growth. There is huge opportunity for The Executive Centre to continue our expansion in the premium serviced office market in Asia and we very much welcome the support and resources which CVC will bring. We are very grateful to Headland for their support over the past four and a half years."

In a joint statement, Roy Kuan, Managing Partner of CVC and James Redmayne, head of the Pan Asia team at CVC said: "We are very excited to have the opportunity to invest in The Executive Centre alongside management. Paul Salnikow and his team have built a first-class business, which provides the highest quality offering in a structurally growing market. We look forward to working with them and using CVC's capabilities across Asia and beyond, to help take The Executive Centre to the next stage of its development."

Paul Kang, Senior Partner of Headland said "Since our investment in The Executive Centre, the business has thrived under the guidance of Paul Salnikow and his team, with the network of centres more than doubling. We look forward to continuing our relationship with the company in the future through our re-investment stake."

CVC was advised by PwC, Bain & Co., Freshfields Bruckhaus Deringer and Clifford Chance. Management was advised by Norton Rose Fulbright. Headland was advised by Allen & Gledhill. Fully committed debt financing is being provided by HSBC and Babson Capital.

Completion of the transaction is expected to take place at the end of May 2014.