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KKR taps fourth Asian fund to buy into Australian CX, BPO company Probe

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Global buyout major KKR has tapped its fourth Asian fund to buy into Australian customer experience and business process outsourcing company Probe.

Founded in 1979, Probe now serves 600 clients and employs 15,000 staff in 33 offices around the globe. The firm said the investment would further fuel Probe’s growth and strengthen its digital capabilities.

 

KKR was advised by Credit Suisse, King & Wood Mallesons, and EY for the deal.

Gareth Woodbridge, managing director at KKR, said, “We are excited to work closely with Andrew and his team to expand Probe’s leading market position. We look forward to leveraging KKR’s industry and operational expertise to help accelerate Probe’s growth plans and to scale its digital services capabilities and footprint for the benefit of its customers.”

KKR closed Asia Fund IV on $15bn in April, making it the biggest private equity fund dedicated to the Asia-Pacific region.

The firm said it committed $1.3bn of its own capital to KKR Asian Fund IV, which it said would pursue opportunities stemming from rising consumption and urbanisation trends, as well as corporate carve-outs, spin-offs, and consolidation as companies look to optimize their portfolios.

The firm collected a $9.3bn for Asia Fund III in 2017.

Other KKR deals in Australia include the backing of Australian carbon offsetting specialist GreenCollar last year through its $1.3bn Global Impact Fund. The firm tapped the same fund to pick up a majority stake in Australian and New Zealand edtech company Education Perfect in June.

AltAssets also reported in July that a consortium including KKR and the Ontario Teachers’ Pension Plan has moved a step closer to a buyout of Australian electricity infrastructure business Spark at a roughly A$5.13bn ($3.78bn) valuation.

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