NewQuest buys BPO asset from Ayala, Actis
Direct secondaries specialist NewQuest Capital Partners has acquired business process outsourcing (BPO) company Integreon from Philippines conglomerate Ayala Corporation and Actis Capital.
The selling price was not disclosed. Ayala said in a filing that its wholly-owned unit LiveIt Investments had exited a 58.71% stake in Integreon. The conglomerate acquired the business in 2006 and Actis came in four years later, paying $50 million for an approximately 30% interest.
Integreon provides legal, document, business and research support services to companies operating in the legal, marketing, financial and professional services sectors. It has more than 2,400 associates in 14 delivery centers globally that work with over 250 clients. Integreon was one of several BPO assets held by LiveIt, but the others - including HRMall and AffinityX - will be retained.
"The Integreon transaction is an exciting opportunity to invest in a global leader with attractive growth prospects. Over the past few years, the business has achieved an exceptional market position and is poised to take advantage of its long-standing strong client relationships, its global delivery platforms, and deep experience in working with professional clientele," Amit Gupta, partner and COO at NewQuest, said in a statement.
This is the second private equity-led carve-out of a BPO asset from a Philippines conglomerate in recent years. In 2013, CVC Capital Partners bought an 80% stake in SPi Global from Philippine Long Distance Telephone Company (PLDT), valuing the company at more than $300 million. PLDT held on to the remaining 20%.
NewQuest closed its third Asia fund earlier this year at $540 million, having raised the hard cap from $520 million in order to accommodate investor demand. The firm offers tailored liquidity solutions to direct private equity investors for single assets or portfolios of assets. It focuses on minority and control transactions of $25-$75 million per company, and $50-$250 million for portfolio acquisitions.
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