Tower Capital backs $230m Singapore business services carve-out

Tower Capital, which has historically invested on a deal-by-deal basis, achieved a first close of $250 million in January for its debut fund with a view to backing 6-7 sector-leading companies with an emphasis on control transactions. 65 Equity Partners Holdings, an entity reportedly affiliated with Temasek Holdings, is also part of the consortium.

GK Goh, whose interests span aged care, fiber optic networks, property development, and corporate services, holds a 92% stake in Boardroom. It has agreed to sell its entire stake to the consortium when the preliminary offer is finalized. Symphony House, a Singapore-based corporate services company that acquired 7.6% of Boardroom in 2018, has likewise agreed to dispose of its entire position.

Founded in 1968, Boardroom offers accounting, finance, payroll, corporate secretarial, internal audit and risk management, share registry, IPO, taxation, and business advisory services for a client base of 7,300 companies ranging from small local firms to multinational corporations.

Previously part of EY Singapore, it acquired the Singapore outsourcing arm of Arthur Andersen and now claims to operate the largest share registrar in Singapore. It maintains 15 offices across Malaysia, Hong Kong, mainland China, and Australia.

“With its established operations and leading position in its key markets in the Asia Pacific region, Boardroom is well positioned to provide best-in-class services to support its existing and new customers to meet their growing business needs both locally and regionally,” the consortium said in a statement.

“The consortium is excited to partner the Boardroom team to chart its next phase of growth, and to create value from organic as well as inorganic growth plans, and through efficiency improvements and digital transformation.”

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• Topics
• Southeast Asia
• Support services
• Financials
• Buyouts
• Singapore
• professional services