An independent global provider of management and administrative services
TMF is a global independent provider of management and administrative services, with operations across Europe, the Americas, Asia, Africa and the Middle East. During the course of our investment, TMF increased its geographic footprint from 23 to 60 countries, and employees from 900 to over 2,300.
- Awarded the France and Benelux Deal of the Year at the European Private Equity Awards
- Healthy supply of potential acquisition targets
- Embarked on an aggressive buy-to-build strategy, completing over 50 acquisitions
Building the Board
TMF provides outsourcing solutions for a wide range of company administration functions including domiciliation, bookkeeping and payroll, structured finance and fund administration services, corporate secretarial, VAT registration and recovery services and shareholder services to an international client base.
Following our investment in 2004, we immediately appointed a new Chairman and a new CFO to oversee our ambitious acquisition strategy. Alongside this, we implemented a thorough review of the internal processes in place to ensure they could effectively deal with the significant expansion of the company.
This review enabled TMF to improve the second tier finance and control functions, leading to the establishment of an internal due diligence and integration team which were overseen by the new CFO. Additionally, a selection of non-core financials were chosen to be divested, enabling the focus to be placed on the key high growth elements of the business.
With a strong service offering, high quality corporate client base and attractive international network we felt the business had the potential to be a strong consolidation platform.
TMF: A global leader in the provision of outsourced management and accounting services
Thanks to the renewed focus on core business, attention could then be directed towards continuing the buy and build programme. The business was successful in procuring over 50 acquisitions, accounting for real growth in South and Central America and Asia, key regions with high growth potential. Silverfleet facilitated TMF’s acquisition capability to advance the buy and build programme by raising c. €50m of senior and PIK facilities.
Silverfleet’s investment lead to the significant expansion of TMF, with the employment force increasing from 900 to over 2,300 and its global footprint increasing from 23 to 60 countries. This expansion, together with strong organic growth rates and a focus on quality of service meant that TMF was able to emerge as a world leader in its field.
Key acquisitions included the Big 4 accounting firms in South and Central America, and Asia.