News DeskHong Kong/Dubai: Creative Zone Group, a leading corporate service provider based in the UAE, has been acquired by Encor Group, a regional corporate, trust and fund services platform headquartered in Hong Kong.
The transaction marks the second acquisition by Encor in the past three months, and follows the acquisition of OCS Group, a leading corporate services provider based in Shanghai, China. Encor is majority owned by Nexus Point Capital (“Nexus Point”), a leading Asian private equity firm.
The acquisition comes on the back of rapid growth in the corporate service provider (CSP) sector across the Gulf Cooperation Council (GCC) region, and highlights Creative Zone’s leading market position in providing company setup and maintenance, tax & accounting, and other value-added services to corporates and individuals in the region. This investment will enable the Company to accelerate growth in the GCC while taking advantage of the connectivity provided by Encor’s services and clients in key Asian markets.
“Creative Zone is a leading CSP in the GCC, and we are excited to support Encor in its expansion to this attractive, fast-growing region,” said Kuo Chuan Kung, Managing Partner of Nexus Point.
The deal comes at a time of strong growth for Creative Zone, which has expanded its services outside of the UAE into Saudi Arabia and Qatar. To date, the Company has supported over 75,000 entrepreneurs with a comprehensive range of corporate services and business solutions. The acquisition also signals a strong commitment by Encor to continue to invest in the rapidly expanding GCC market.
“We are delighted with the acquisition of Creative Zone,“ added Joe Wan, CEO of Encor. “This transaction marks a significant step in expanding Encor’s geographical reach to the strategically important GCC and unlocking cross-border business opportunities that will enable us to propel long-term growth across borders.”
Creative Zone’s highly experienced management team will continue to lead the business, and support the integration ofthe Company into Encor’s global platform. Lorenzo Jooris, Group CEO of Creative Zone, will become a member of Encor’s Executive Leadership Team after the closing of the acquisition.
“Today’s announcement represents a significant milestone for Creative Zone,” said Lorenzo, “Encor and its investors bring considerable financial resources and operating expertise to the table, enabling us to enter an exciting new phase of our growth strategy into global markets. Our combined strengths will accelerate the growth of our business, enhancing our ability to deliver innovative solutions that meet growing demands within and beyond the GCC”
Arrow Capital, a leading financial and investment advisory firm in the UAE, was the exclusive advisor on the transaction, assisting in the structuring of the transaction, debt financing arrangement, and participating in the investment as a minority equity investor.
Sumit Mehta, Managing Director at Arrow Capital, said: “This acquisition reinforces our position as a trusted partner in the UAE’s dynamic corporate services sector, and we see tremendous opportunities to expand the company’s capabilities and further strengthen its market leading position.”
