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Headland exits Asian serviced office operator Executive Centre to CVC

21 May 2014

UK-headquartered private equity firm CVC Capital Partners has agreed to acquire a majority stake in Asian serviced office provider The Executive Centre from Headland Capital Partners.

Headland will retain a minority ownership in the business.

The Executive Centre, founded in 1994 by current chairman and CEO Paul Salnikow,has 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 China, Hong Kong, Japan, India, Korea, Indonesia, Singapore and Australia.

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.”

Headland’s team began advising Asian private equity funds in 1989 and operated its business as HSBC Private Equity (Asia) (HPEA) until 2010. Headland currently has active capital of approximately $2.4bn.

Earlier this month the firm was reported to be close to launching its seventh Asian fund.

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