BrazilTricor adds Greater China's Alphalink in latest acquisition
Asian professional service firm Tricor has acquired Greater China corporate services provider Alphalink – which holds strategic business ties with RSM Hong Kong.
Following the purchase of Richful Deyong in May, its largest acquisition to date, Hong Kong-headquartered professional services firm Tricor has continued its expansion agenda with yet another pick-up – that of Alphalink, a diversified corporate services and business advisory with operations across Greater China. Established in 2010, Alphalink is majority-owned by partners from the Hong Kong branch of international accountancy and consulting network RSM.
“We are excited about the future growth opportunities Alphalink can achieve by leveraging Tricor’s strong platform in Asia,” said RSM Asia Pacific chairman Wong Poh Weng, who has been a partner at RSM Hong Kong for the past 33 years. “We are also delighted to also have Tricor as our strategic partner, supporting our clients making investments into Asia and from Asia going abroad.”
Both serving international enterprises in Greater China and global outbound business and investment needs for Chinese companies from offices in Shanghai, Shenzhen, Beijing and Hong Kong, Alphalink altogether boasts a team of 60 experienced professionals catering to a portfolio of over 850 clients. According to Tricor, the newly “combined business will deliver expanded solutions and enhanced capabilities to clients across the Greater China region.”
“Alphalink offers a significant opportunity for Tricor to develop an even stronger presence in mainland China, which is key to our continued growth strategy in this dynamic market, said Tricor Group CEO Lennard Yong. “With a range of high-profile clients and strategic partners, Alphalink’s network will enhance Tricor’s position and enable us to further leverage on key economic development initiatives that are shaping the APAC region and Greater Bay Area.”
With a global network now covering nearly 50 cities across 21 markets in the Asia Pacific, Americas and British Isles, Tricor has recently been on a roll, building on its ~2,600 staff-count and client base of 50,000-plus with a number of recent acquisitions, Alphalink being its seventh in total. With an appetite for ongoing expansion, Tricor toward the end of last year recruited former Deloitte partner Chloe Chan as its new Head of Merger and Acquisition.
In a recent discussion with Consultancy.asia, Chan emphasised that deals are not just about running the deal process – doing the numbers, the negotiations and the sales and purchase agreements. “If we just focused on these steps, (the) M&A would certainly fail. What is the most critical success factor of (a) transaction is to establish trust and rapport between the two management teams, to establish a strong partnership and to align the vision with the execution actions that drive business growth.”
The latest deal comes hot on the heels of a strategic MoU struck with Malaysia’s Labuan International Business and Financial Centre (Labuan IBFC) to mutually explore market development opportunities in Greater China – through cooperation on areas such as training and knowledge sharing sessions and exchanges on market information. Among Tricor’s recent acquisitions was the purchase of CP TRUST in Labuan late last year.
