Fund admin group Vistra to expand footprint

Global private equity firm The Carlyle Group has sold Offshore Incorporations Group (OIL) to European private equity player IK Investment Partners.

Financial terms of the transaction were not disclosed.

Founded in 1986, Hong Kong-based OIL specialises in company formation in the jurisdictions of Anguilla, Bahamas, British Virgin Islands, Cayman Islands, Delaware, Hong Kong, Mauritius, Samoa, Seychelles and Singapore. 

Bain Capital was also among potential bidders for the asset, according to a Wall Street Journal report.

IK Investment will merge the OIL’s corporate services businesses with its portfolio company Vistra Group, which provides fund administration, trust and corporate services in Europe.

“The merger will also offer an opportunity to expand Vistra’s footprint in mainland China and that of OIL into new selected geographies such as the Americas, Indonesia and India,” the European private equity firm said in the statement.

IK Investment has raised a total of €5.7 billion and is currently investment out from the €1.7 billion vehicle it raised in 2007.