EQT-backed BPEA completes Vistra-Tricor merger in $6.5bn deal

EQT-backed BPEA Private Equity Fund VIII (BPEA EQT) has concluded the merger of Vistra with Tricor, another portfolio company in BPEA EQT Fund VIII’s holdings, creating a robust platform in corporate and fund services. The transaction places a combined enterprise value of $6.5 billion on the newly formed company.

The merger yields a leading platform, boasting over 9,000 professionals spanning more than 50 jurisdictions. This amalgamation paves the way for unparalleled scale, quality, and range of services, enabling clients to tackle the growing complexities of managing, operating, and expanding their businesses globally.

Vistra, with its cadre of over 5,000 professionals in more than 45 jurisdictions, is a premier global fund and corporate services provider. The company works with 20% of the Fortune Global 500 and two-thirds of the Private Equity International 300 firms, including all top ten.

Tricor, Asia’s leading business expansion specialist, offers a blend of global knowledge and local expertise across several business domains. With its services extended to more than 40% of the Fortune Global 500 companies, Tricor plays a pivotal role in aiding clients’ growth from incorporation to IPO and beyond.

Jack Hennessy, Partner within BPEA EQT’s Advisory Team, commented, “We are delighted to support the merger of two leading businesses in the fund and corporate services market globally. Both companies have been very successful under BPEA EQT’s ownership and we are looking forward to continuing to partner with the combined platform which is even better positioned to grow globally.”

Simon Webster, the newly appointed CEO of the merged entity, stated, “This is an exciting day for both Vistra and Tricor and it is a significant milestone in the growth strategy of both organisations. The two business are highly complementary and have capabilities which together offer clients a range of significant value-creation opportunities.”

Nicholas Macksey, Partner within BPEA EQT’s Advisory Team, noted, “With the merger of Vistra and Tricor, we are excited to execute a compelling value creation strategy centered on further enhancing the commercial function, continuing to invest in the business’ leading technology platforms and offer incremental M&A as appropriate.”

This merger marks a pivotal point in BPEA EQT’s strategy to continue leveraging its fund and corporate services playbook to stimulate further organic and inorganic growth across the platform.