Context
The investment fund Abu Dhabi Investment Authority signs a definitive agreement with private equity firm CVC Capital Partners to acquire a significant minority stake in TMF Group. Announced in July 2022, the secondary transaction coincides with CVC rolling the administrative platform into a newly established continuation vehicle. The governance framework established by the minority recapitalization grants the Middle Eastern sovereign wealth fund a formal seat on the company's board of directors alongside the continuing sponsor. The structured transfer to a continuation vehicle materialized after initial plans for an initial public offering were halted due to adverse public market headwinds, including rising inflation, central bank rate increases, the war in Ukraine, and broader recessionary pressures. For TMF Group, which had previously been targeted for a strategic combination with Dutch tax administrator Intertrust NV before the latter was acquired by CSC, the private recapitalization secures flexible, long-term equity capital. At the time of execution, internal financial forecasts projected an adjusted EBITDA of , reflecting an enterprise valuation multiple of 13.6x. The transaction provides the administrative services platform with continuous institutional backing to fund organic growth and expand cross-border compliance capabilities outside public equity volatility. The partnership enables the primary financial sponsor to provide liquidity to historical investors while maintaining operational continuity and strategic governance over the enterprise's next corporate cycle.
It is worth noting that the fund Cvc took control of Tmf Group through an LBO in 2017.
-> Deep-dive in Business Services market trends
Target
Since its founding in 1988 in Amsterdam, TMF Group has operated as a specialist provider of outsourced business administration and regulatory compliance services for organizations operating across multiple jurisdictions. The enterprise portfolio is structured around four business-critical service pillars: corporate secretarial management, tax and accounting compliance, legal administrative support, and international human resources and payroll processing. Headed operationally by Chief Executive Officer Frederik van Tuyll, the corporate organization coordinates client assignments through a physical footprint spanning 125 local offices across more than 80 countries. Its recurring business model focuses on handling complex back-office obligations, statutory filings, and cross-border governance demands for a portfolio of approximately 15,000 corporate groups, alternative investment funds, and high-net-worth private individuals. The firm expanded its initial European operational reach by integrating the international corporate services infrastructure of Equity Trust, establishing a consolidated multi-jurisdiction operating model. This global delivery framework combines local statutory knowledge with centralized administrative processes to manage ongoing regulatory reporting obligations.
Ent. Value
Equity Value
Multiples
EV / Revenue
FREE VIEW
EV / EBITDA
13.6x
EV / EBIT
Historical Financials (EUR)
Other operations with TMF Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2026 | TMF Group | Navigator Partners | FINLAND | Accounting & Audit |
| 10/2017 | CVC | TMF Group | NETHERLANDS | Accounting & Audit |
REFERENCES
Valuation range: EV 3b - 100b EUR
EBITDA range: 150M - 250M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TMF Group by CVC / ADIA are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: tmf group