Permira mandates Goldman Sachs for up to $2 bln sale of Tricor

Private equity firm Permira has mandated Goldman Sachs (GS.N) to run a sale of business services company Tricor Group in a deal that could fetch up to $2 billion, three people with knowledge of the transaction said.

The sale process is expected to kick off soon after an initial gauge of market interest, said one of the sources.

Permira is targeting a $2 billion valuation for the asset, although the price tag could range from $1.5 billion to $2 billion, said the people, who declined to be named as the information is confidential.

Hong Kong-headquartered Tricor, Permira and Goldman declined to comment.

Permira, headquartered in London, in 2016 won a bid to buy Tricor from Bank of East Asia (0023.HK) and NWS Holdings Ltd (0659.HK) for HK$6.5 billion ($837.9 million).

Founded in 2000, Tricor’s offering includes investor and initial public offering services, human resources and payroll, corporate trust and debt, fund administration and international expansion, according to its website.

The company has 47 offices in 21 countries or territories with over 50,000 clients, the website said.

In July, Tricor signed deals to buy PT ASA Indonesia which provides local payroll, accounting and tax services, and NZGT Holding Company Ltd, which specialises in trust business in New Zealand.