Private equity consortium 65 Equity and Tower Capital say they plan to sell Boardroom at a valuation of $1 billion

Zhitong Finance App learned that private equity firms 65 Equity Partners and Tower Capital Asia are considering selling corporate service provider Boardroom Ltd., due to attracting interest from potential investors, according to sources familiar with the matter.

The owners of Boardroom have selected Goldman Sachs Group to help prepare for the sale of the Singapore-based company. According to some people familiar with the matter, the deal could value Boardroom at around $1 billion.

According to people familiar with the matter, Boardroom has attracted initial interest from global investment companies including Advent, EQT AB, and TPG Inc.

People familiar with the matter added that relevant considerations are still in the early stages, no final decision has been made, and the parties may decide to abandon the transaction.

Australian media reported in May that Boardroom's owner was in touch with several banks at the time to help prepare for the sale of the business.

Boardroom provides corporate services such as company registration, company secretarial, accounting, taxation, payroll management, and share registration. It operates across Singapore, Australia, Malaysia, Hong Kong and mainland China, and has partners in the Asia-Pacific region.

65 Equity Partners and Tower Capital jointly acquired Boardroom in 2022 for approximately SGD 312 million (US$243 million) and privatized and delisted it from the Singapore Stock Exchange.

Global private equity firms have been buying up corporate services companies. Last December, Warburg Pincus agreed to invest in Aclime to help drive the Asian market-focused company's business development and expansion.