Benzinga | Jun 1, 2021 05:59AM EDT

KKR and TIGA Investments Announced They Will Acquire Acquire The Executive Centre; Terms Not Disclosed

The Executive Centre ("TEC" or the "Company"), KKR (NYSE:KKR) and TIGA Investments today announced the signing of definitive agreements under which a consortium led by KKR and TIGA Investments will acquire TEC.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210531005344/en/The Executive Centre is the leading provider of premium flexible office space solutions in markets including Greater China, North Asia, Southeast Asia, Australia, India, Sri Lanka, and the Middle East. The Company has expanded rapidly across Asia Pacific since it was founded in 1994, fueled by steady demand for premium workspace in prime, central locations from its client base of leading MNCs. It 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 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.Paul Salnikow, founder and CEO of The Executive Centre stated, "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."SJ Lim, a Managing Director at KKR, added, "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.""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.