Ebène, Mauritius, February 6, 2018 – ABAX, an international provider of integrated advisory, corporate and business services has been acquired by Ocorian, a global provider of specialist financial services.
To this end, an agreement has been signed between Ocorian and the shareholders of ABAX, including the IBL group, for the full shareholding of the company based in Mauritius and with offices in Abidjan, Dubai, Johannesburg, London and Singapore.
Ocorian to date manages assets worth more than USD 150 billion. Through this deal, ABAX will be able to tap into a wider range of specialist corporate and financial services across jurisdictions in Europe, North America, Africa, Middle East and Asia, namely in UK, Luxembourg, Netherlands, Singapore, USA, Ireland, Cayman Islands, Channel Islands (Jersey and Guernsey), South Africa, Côte D’Ivoire and Dubai.
“Our priority with this transaction was to find a partner that would help us achieve our business ambitions,” comments Richard Arlove, CEO of ABAX Corporate Services. “Our goal is to become one of the leading providers of integrated advisory, corporate and business services in Africa, while strengthening our offering in Asia. The acquisition of ABAX by the Ocorian group will generate added value for our clients through operations in new jurisdictions.”
Commenting on the acquisition Nick Cawley, CEO of Ocorian, said: “This transaction reflects the sustained expansion and diversification of Ocorian’s newly defined business and our commitment to growth in leading jurisdictions. It will further strengthen our position as a leading global financial services provider and give enhanced range and scope across both Africa and Asia.”
The deal will be effective in a matter of weeks subject to subject to the satisfaction of certain conditions as well as regulatory approvals by the Financial Services Commission (FSC). Financial terms of the transaction have not been disclosed.
Instructively, ABAX constitutes a team of 275 staff and has offices in Côte d’Ivoire, Singapore, South Africa, UAE and the UK.
The company is an ACCA and ICAEW Approved Employer and is also an ISO 27001 certified company and our Fund & Investor Services Line of Service has been successfully audited for ISAE 3402 Type 2.
The firm currently administers US$24 billion of client assets.
While, Ocorian is an award-winning Alternative Investment, Corporate and Private Client service provider.
Over its 45-year history, Ocorian has built and an enviable reputation for delivering a consistent, reliable and high quality tailored service.
The acquisition of ABAX extends Ocorian’s international footprint to 700+ staff worldwide, operating from offices across EMEA, APAC and North America.
It follows Ocorian’s recent acquisitions of MAS International (Luxembourg and Mauritius) and Intruma/Intruad (Luxembourg and Amsterdam) and Capco Trust (Jersey).
Ocorian is backed and funded by Inflexion, a mid-market private equity firm.
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