CVC Capital Partners ("CVC") today announced that CVC Fund VII has agreed to acquire TMF Group ("TMF"), a leading provider of specialist business services to clients operating and investing globally, from DH Private Equity Partners. The transaction is subject to customary regulatory and anti-trust approvals.
TMF provides locally-delivered outsourced business and compliance services (including corporate secretarial, tax & accounting, legal & administration and HR & payroll) to approximately 15,000 multi-national corporates, investment funds and high-net worth individuals globally. With a network of offices across over 80 countries, and headquartered in Amsterdam, TMF Group has the in-country expertise and knowledge to help businesses of all sizes expand and operate both within and beyond their home markets.
Frederik van Tuyll, CEO of TMF, said: "We are very excited to have found a like-minded partner in CVC to support the future growth and development of TMF Group. TMF has an exciting growth path ahead in an industry that is growing and developing rapidly. CVC's global network and sector expertise will be invaluable to us as we look to expand both organically and through strategic acquisitions".
Ivo Lurvink, partner at CVC, commented: "TMF Group is an industry-leading business that has grown strongly in recent years by providing a unique suite of business-critical services to its clients. The global business environment is dynamic and increasingly complex - TMF is extremely well placed to help its clients operate successfully and to the highest regulatory standards."
Peter Rutland, partner and global co-head of the Financial Services team at CVC, added: "TMF is a global firm, with a strong local presence in each of its markets, just like CVC. With the help of CVC's global network of 23 offices, we will work alongside TMF and its management team to help grow the business."
This is the first investment made by CVC Fund VII, which raised over €16 billion earlier this year.