TMF Group, a provider of outsourced business services to clients operating and investing globally, has bought 100% of the share capital of fiduciary services provider GMG Trust Company Proprietary.
GMG, founded in 2003 by John Doidge, offers trustee services to the banking and structured finance industries in South Africa.
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The company operates with two offices in Johannesburg and Cape Town with a workforce of 25.
The acquisition will provide TMF a sizable platform to boost its growth strategy across Africa, and open up significant cross selling opportunities of other services to the GMG client base.
Huub Mourits, global director, business development (structured finance services) at TMF Group, said, "This is a great opportunity for both companies and it will give TMF Group an even wider international network and footprint. We are very much looking forward to working closely with our new colleagues and are keen to explore the many opportunities we now have together."
The entire senior GMG management and client relationships will be retained with the business post following the completion of the deal.
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By GlobalDataThe acquisition, due to complete by this November end, has been funded through existing resources.
