Baring-owned Vistra acquires Indian professional services group

Financial details of the transaction were not disclosed. The deal represented a sharpening India focus for Vistra as the company's second acquisition in the country this year. "Ujwal has the expertise, the experienced staff and the well-established network to penetrate the IT-enabled services client segment which is a good fit to the group's strategic focus," Vistra CEO Martin Crawford said in a statement.

Incorporated in 1995, Ujwal offers outsourcing in the areas of accounting, finance and statutory compliance to a client base predominantly composed of Indian subsidiaries of foreign IT companies. It provides assistance with setup of entities in India, along with ongoing administration services including statutory compliance.

Vistra focuses on trust, fiduciary and fund administration services across 63 offices worldwide, including bases in China, Taiwan and Singapore. The company has otherwise strengthened its footprint in India with the acquisition in April of corporate trust services provider IL&FS Trust Company.

Baring acquired Vistra in October last year for $1.1 billion. The deal with European private equity advisory IK Investment Partners was believed to be Baring's largest-ever buyout and followed closely on an agreement to acquire global fund administration and corporate services firm Orangefield for an undisclosed amount.

The Ujwal and Vistra acquisitions reflect increased momentum in PE-backed efforts to consolidate the fragmented corporate services industry - a sector where each of the world's four largest companies now has a PE backer. In Asia, other recent activity in this space has included PE investments by EQT Partners in Singapore's In.Corp and Hong Kong's Elevate.

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• Topics
• Support services
• Portfolio management
• South Asia
• Buyouts
• professional services
• M&A
• Baring Private Equity Asia