Inflexion-backed Ocorian bolts on Abax Holding

The deal gives Abax an enterprise value of around $100m, a source close to the situation told Unquote.

The transaction, which was supported by follow-on funding from Inflexion funds, will expand the group's presence into Africa, the Middle East and Asia.

Abax is the fourth acquisition by Ocorian over the course of six months and the development comes one week after the group bolted on Jersey-based private client and corporate services business Capco Trust.

Inflexion originally acquired Ocorian – then known as Bedell Trust – in September 2016. According to a statement, the group has increased its EBITDA by 2.5x since the GP's initial investment.

The Abax deal is subject to regulatory approval.

Company
Founded in 1992 and headquartered in Ebene, near Port Louis, Abax Holding is a provider of advisory, corporate and business services. It focuses on the structuring and administration of cross-border investments and transactions in emerging markets. It has additional operations in Abidjan, Dubai, Johannesburg, London, Nairobi, and Singapore.

Abax has a total headcount of 250.

People
Inflexion Private Equity – Simon Turner (managing partner).
Ocorian – Nick Cawley (CEO).
Abax Holding – Richard Arlove (CEO).

Advisers
Equity - Proskauer (legal); Duff & Phelps (regulatory due diligence).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Build-up
• Inflexion Private Equity