Baring PE Asia to buy Tricor Group in $2.76bn deal from Permira after two-fold revenue growth


Baring Private Equity Asia has agreed to a $2.76bn buyout of Asia-focused business advisor Tricor Group from fellow buyout house Permira after 2x revenue and 2.5x EBITDA growth.

Founded in 2000, Tricor focuses on facilitating globalization in Asia by advising businesses on business, corporate, investor, human resources & payroll, corporate trust & debt services, and governance. It has 50,000 clients globally including more than 40% of the Fortune Global 500 companies.


The company has carried out more than ten transactions under Permira’s ownership since 2017.

Nicholas Macksey, managing director at BPEA, said, “Having admired and closely followed Tricor’s progress for many years, we are delighted to be investing in the business. This investment will be managed independently out of our latest fund and will enable us to leverage our experience in the sector to support Tricor’s growth. We look forward to working closely with Tricor’s management team to capitalise on significant expansion opportunities in its markets, and to deliver continued growth.”

Robin Bell-Jones, partner at Permira, said, “It has been a privilege to partner with the Tricor team over the last five years. Together we have significantly transformed the company from a heritage brand to a leading-edge business with a deeper presence across Asia, accelerating growth, attracting great talent, enhancing digital capabilities and adding a number of exciting new business lines. We wish Lennard and the team ongoing success as the business continues to go from strength to strength.”

BPEA said it will support the company to reinforce its leading position in Asia. The firm reportedly raised $6.5bn for the final close of its seventh flagship fund last year. Its recent deal in the sector includes the acquisition of corporate services provider Vistra Group in 2015.

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