Kuala Lumpur-based COPE Private Equity has acquired a stake in professional services company CC International Bhd for a consideration of approximately RM30 million ($6.55 million), according to the latter’s filing with Bursa Malaysia.
The private equity firm has acquired 93.5 million shares of CC International as part of the transaction, per the filing.
In a statement, COPE said that its investment will enable CC International, which operates in Malaysia and Australia, to expand regionally.
The firm has over 12,000 customers in the corporate and small and medium-sized enterprises (SME) sectors along with over 5,000 business owners.
CC International provides accounting and business service outsourcing, tax, corporate secretarial services, property management and consultancy services.
The investment in CC International is part of COPE’s strategy to invest in regional champions with strong management teams, proven business models, and robust growth potential.
“CC International is well-positioned to serve the growing needs of potentially more than 1.2 million SMEs, through its comprehensive professional services that support the entire lifecycle, from incorporation to growth such as cross border expansion, IPO and succession planning,” COPE founder and managing partner Azam Azman said in a statement.
COPE, founded in 2005, is a sharia-compliant PE fund manager with over RM600 million of assets under management.
The deal, which marks the 19th investment for the PE firm, comes on the heels of its recent exit from SE Asian pet nutrition firm Pet World International.
Earlier this month, COPE exited Pet World International with another Malaysia-based PE Creador acquiring a 40% stake in the pet food company. COPE said its exit generated “attractive” returns for its investors.
COPE PE’s current portfolio includes advanced building and construction technology company Dura Technology Sdn Bhd, logistics company Syarikat Logistik Petikemas Sdn Bhd and factory automation solutions provider UBCT Industrial Solutions Sdn Bhd, among others.