A consortium led by KKR and Singapore-based company TIGA Investments will acquire The Executive Centre (TEC), a flexible office space provider in the Asia Pacific markets.
The Executive Centre now serves more than 32,000 members across over 150 centers in 32 cities and 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East, with an annual turnover in excess of US$237 million.
The Executive Centre’s offerings include high-quality enterprise solutions, premium private offices, coworking and virtual spaces, each equipped with meeting & event facilities, and a broad range of full IT support and corporate concierge services.
“As we look ahead to the market’s evolving needs, flexibility will be key in companies’ future workplace strategies. We believe The Executive Centre is well placed to capture new growth opportunities and build on its longstanding leadership position in Asia’s premium workspace segment. KKR is excited to support The Executive Centre, Paul and his team at this exciting time for the market,” said SJ Lim, a Managing Director at KKR.
As part of the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners will exit their investments in the Company.
Members of TEC’s management team will continue to own shares in the company.
“We are pleased to welcome KKR and TIGA Investments to The Executive Centre as our new investors. It’s a powerful partnership, well matched to drive the continued performance and growth of TEC. I also extend a big thank you to HPEF Capital Partners and CVC Capital Partners for their investment tenure, during which we increased the size of the business, sevenfold,” said Paul Salnikow, founder and CEO of The Executive Centre.
“We are thrilled to invest in the growth of The Executive Centre alongside KKR,” said G. Raymond Zage III, Founder of TIGA. “As the future of work increasingly shifts towards a hybrid model, we look forward to partnering with Paul and his team and helping to elevate the company to its next phase of growth for the benefit of businesses, tenants and landlords across the region.”
KKR makes its investment through its investment funds. Additional details of the transaction were not disclosed.
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