Capricorn Capital Partners HK Limited, the Hong Kong arm of the family-owned global direct private investment business Capricorn Capital Group, has made its first acquisition in Asia, taking a majority stake in Asia-Pacific Accounting & Secretarial Services Limited (A-Pass) in Hong Kong.
A-Pass was founded in 2006 by Andrew Burgin, a UK national born in Hong Kong, and since then the firm has grown into a well-respected provider of corporate formation, secretarial, accounting, taxation reporting, trade and payroll services. Capricorn Capital acquired 67 per cent and the firm has already made a number of key strategic hires to bolster the platform, with an expectation of doubling the team by the end of the year. It has also upgraded key software and hardware and launched a new more contemporary branding and vision.
Capricorn’s Hong Kong-based Director Robin Harris, says: “A-Pass is a very appealing partner for companies in Hong Kong because it offers the professional standards of one of the large global firms but with the flexibility and personal touch of a more focused team, under Andrew’s strong leadership.
“Capricorn is already invested in the corporate services sector in Europe and we are big users of these services around the world so we will be able to bring our significant global expertise to help A-Pass continue to grow and operate more efficiently.”
Andrew Burgin, who will remain in the role of MD, says: “This is a very exciting turning point for A-Pass. I have steered the growth of the company for over a decade and now it is time for a new injection of ideas and investment. I have already witnessed the impact that the support of such a strong partner can have on the business and I very much look forward to working with Capricorn’s team to take it to new heights.”
Harris says of their strategy, “We believe there is great potential in the mid-size corporate services segment, companies which need capital to grow but don’t want to be swallowed up, gutted or passed around. Capricorn’s form may be corporate, but our mindset is very much partnership, and our capital is extremely patient, something we feel differentiates us from traditional PE buyers. With so many markets across Asia Pacific experiencing rapid growth and attracting new companies, the market for high quality corporate services and in-depth local knowledge can only grow, and Capricorn has the expertise to help strong local businesses like A-Pass take advantage of this opportunity. We anticipate this to be the first of many such acquisitions for Capricorn Capital.”