TMF Group
TMF Group B.V. (Trust Management Finance) is a Dutch
multinational professional services firm headquartered in
TMF Group Worldwide
Amsterdam, Netherlands, providing accounting, tax, HR
administration and global payroll services. As of October 2023, the
company has 125 offices, 86 jurisdictions, and employs 10,000
people. It also has more than $215 billion in Assets Under
Administration (AUA).[2]
History
TMF Group was founded in the Netherlands in 1988.[3] Between
2006 and 2009, TMF Group made 47 acquisitions including
departments of Ernst & Young, KPMG, Grant Thornton and Baker
Tilly in countries like Brazil, Argentina, Mexico, China and Industry Professional
Australia.[4] services
Founded 1988
In October 2008, British private equity firm Doughty Hanson &
Headquarters Amsterdam,
Co bought TMF Group for €750 million.[3] In January 2011,
Netherlands
Doughty Hanson completed its €350 million acquisition of Equity
Trust. This paved the way for TMF Group's merger with Equity Key people Mark Weil (CEO),
Trust, which was completed at group level in June 2011.[5] Patrick de Graaf
(CFO),
In 2015, TMF Group acquired the Brazilian business process Services Accounting and
outsourcing unit from PwC, including delivery centers in Barueri, reporting services
Rio de Janeiro and Ribeirão Preto, providing business process € 744 million
Revenue
outsourcing services in finance & accounting, human resources, (2022)[1]
tax and compliance.[6]
Operating € €235 million
On 27 October 2017, TMF Group was acquired by Europe's income (2022)| €199
largest private equity firm CVC Capital Partners for €1.75 million (2021)
billion.[7][8] Number of 9,100 (2023)
employees
In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) Parent CVC Capital
imposed a EUR 594,000 fine on TMF for insufficient due Partners
diligence in the management of an entity which lent US$850
Abu Dhabi
million to Mozambique parties, earmarked for a tuna fishery. Loan
Investment
funds were embezzled or used by Defence.[9] TMF Group's 2021
Authority
appeal against the ruling was unsuccessful.[10] In 2023 followed
an EUR 3,125,000 fine for insufficient Customer Due Diligence; Website tmf-group.com (h
out of the eight investigated files seven were not in good ttps://www.tmf-gr
order.[11][12] oup.com/)
In July 2022, CVC Capital Partners sold a near-50 per cent stake to the Abu Dhabi Investment Authority
sovereign wealth fund, which will take a seat on TMF’s board. The deal valued the company at about €3
billion.[13]
References
1. "TMF Group announces 2022 full year results" (https://www.tmf-group.com/en/news-insights/
press-releases/2023/march/tmf-group-announces-2022-full-year-results/).
2. "Private Equity Wire" (https://www.privateequitywire.co.uk/tmf-group-acquires-outsourced-fu
nd-admin-provider/).
3. "Doughty Hanson to Acquire TMF for €750 million" (http://www.doughtyhanson.com/private-
equity/news/2008/17-07-2008.aspx). Doughty Hanson. Retrieved 2013-09-11.
4. TMF Group Acquisitions (http://www.tmf-group.com/about-us/acquisitions.aspx)
5. Bosco Conference Partners (https://bosco-conference.com/en/partners/tmf-group)
6. TMF Group Buys PricewaterhouseCoopers’ Brazilian BPO Unit (http://www.nearshoreameri
cas.com/pwcs-spins-brazilian-bpo-unit/)
7. "TMF Group Acquired by CVC Capital Partners" (https://www.tmf-group.com/en/news-insight
s/press-releases/2017/october/tmf-cvc-acquisition/). 27 October 2017.
8. "CVC Fund VII agrees to acquire TMF Group" (https://www.cvc.com/media/news/2017/2017-
10-27-cvc-fund-vii-agrees-to-acquire-tmf-group/). CVC Capital Partners SICAV-FIS SA. 27
October 2017.
9. "Dutch Company to Pay Fine for Facilitating Mozambique Debt Scandal" (https://www.barro
ns.com/news/dutch-company-to-pay-fine-for-facilitating-mozambique-debt-scandal-0161951
6712#:~:text=Dutch%20financial%20regulator%20De%20Nederlandsche%20Bank%20%2
8DNB%29%20in,its%20involvement%20in%20Mozambique%27s%202013-2014%20%22h
idden%20debt%20scandal%22).
10. "Mozambique: Dutch Company Fined for Role in 'Hidden Debts' " (https://allafrica.com/storie
s/202108120532.html). AllAfrica. Retrieved 11 August 2021.
11. "Fine for trust office TMF Netherlands B.V. For insufficient customer due diligence" (https://w
ww.dnb.nl/en/sector-news/enforcement-measures-2023/fine-for-trust-office-tmf-netherlands-b
-v-for-insufficient-customer-due-diligence/).
12. https://www.dnb.nl/media/asmjntwh/boetebesluit-tmf-netherlands-bv.pdf (in Dutch)
13. "Private equity firm CVC sells TMF Group stake to its own fund" (https://www.ft.com/content/
3f42e303-40df-4589-86e6-84d1642c06ef). Financial Times. 25 July 2022.
External links
TMF Group (http://www.tmf-group.com/)
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