Carlyle sells OIL to European PE firm

Earlier reports suggested that Affinity Equity Partners and Bain Capital also bid for the asset. According to a company statement, IK intends to merge OIL's corporate service brands, Acceptor and Credence Trust, with IK's portfolio company Vistra Group in an effort to create a leading global player in the niche. Vistra specifically acts as a provider of fund administration, trust and corporate services in Europe, while OIL claims to be Asia's leading company formation specialist. It is the holding brand of Acceptor, a corporate services firms in Asia, and Credence Trust, a trust and fiduciary service firm. The companies note that the merged asset will have 500 employees, and has been brokered to expand Vistra's presence in China and extend OIL's reach to North and South America, Indonesia and India.

Carlyle acquired a majority stake in the company in 2004, and has enhanced OIL's focus in China since that time. OIL launched in China in 2007 via the acquisition of a company formation services provider in Shanghai, and in 2011, OIL opened its Beijing and Shenzhen bureaus.

The Royal Bank of Scotland advised IK on the deal.

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• Topics
• Exits
• Greater China
• Financials
• The Carlyle Group