Baring Private Equity Asia is to acquire a majority stake in Vistra Group from IK Investment Partners’ IK 2007 Fund. The Vistra Group management team will continue to hold a significant shareholding in the Company after completion.
The completion of the transaction is subject to regulatory approvals. The parties have agreed not to disclose the financial terms of the transaction.
Baring Asia is one of the largest and most established independent private equity firms in Asia and advises funds that manage more than USD9 billion in committed capital. The firm runs a panAsian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions.
Commenting on the acquisition, Martin Crawford, CEO of Vistra Group, says: "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.
"With IK Investment Partners' help we have built Vistra Group into one of the top four corporate trust service providers globally and the number one in Asia, and I would like to thank them for their contribution and commitment over the past six years.
Jean Eric Salata, Founder and CEO of Baring Asia, says: "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."
Remko Hilhorst, Partner of IK Investment Partners, says: "We are privileged to have been a part of Vistra's strong success over the past six years. Vistra quadrupled in size under our ownership and became a global leader in its field. Together with the leadership team, we have accomplished our goal of creating value through organic growth and a number of strategic acquisitions in several high growth geographies such as Asia and Central and Eastern Europe. Vistra Group has a very exciting future ahead, and we wish the business continued success going forward."
JP Morgan, Morgan Stanley and Lazard acted as financial advisors and Clifford Chance as legal advisor to the Company and IK Investment Partners; Goldman Sachs, Credit Suisse and Linklaters advised Baring Private Equity Asia.
