CVC Acquires Hong Kong Serviced Offices After Closing Asia FundCathy Chan
CVC Capital Partners Ltd. agreed to buy a majority stake in The Executive Centre Ltd., a Hong Kong-based serviced office provider.
CVC, working together with the company’s management, agreed to purchase the holding from Headland Capital Partners Ltd., which will keep a stake in the business, the buyout fund said today on its website. The deal values The Executive Centre at about $220 million including debt, said a person with knowledge of the matter who asked not to be identified discussing private information.
The transaction is the first announced by CVC since it completed raising its fourth Asia fund of about $3.5 billion this month. The Executive Centre, founded in 1994, provides offices, virtual offices, meeting facilities and video conferencing for clients in countries including China, India, Singapore and Australia.
The deal is expected to be completed at the end of May, according to CVC’s announcement. Annabel Hudleston, a spokeswoman for CVC at public relations firm Brunswick, declined to comment on the valuation of The Executive Centre.