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 Australia. [4]
In October 2008, British private equity firm Doughty Hanson & Co bought TMF Group for €750 million. [3] In January 2011, Doughty Hanson completed its €350 million acquisition of Equity Trust. This paved the way for TMF Group's merger with Equity Trust, which was completed at group level in June 2011. [5]
In 2015, TMF Group acquired the Brazilian business process outsourcing unit from PwC, including delivery centers in Barueri, Rio de Janeiro and Ribeirão Preto, providing business process outsourcing services in finance & accounting, human resources, tax and compliance. [6]
On 27 October 2017, TMF Group was acquired by Europe's largest private equity firm CVC Capital Partners for €1.75 billion. [7] [8]
In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) imposed a EUR 594,000 fine on TMF for insufficient due diligence in the management of an entity which lent US$850 million to Mozambique parties, earmarked for a tuna fishery. Loan funds were embezzled or used by Defence. [9] TMF Group's 2021 appeal against the ruling was unsuccessful. [10] In 2023 followed an EUR 3,125,000 fine for insufficient Customer Due Diligence; out of the eight investigated files seven were not in good order. [11] [12]
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]
In 2023, TMF Group completed a series of acquisitions in Ireland (Goodbody), [14] India (KPK faServ), [15] Malta (Avanzia Taxand), [16] Greece (Premier Consulting), [17] and Romania (Contexpert), [18] contributing approximately €12.4 million in additional revenue and €13.3 million in goodwill. [19]
In January 2025, TMF Group acquired the BPS (business process services) division of RSM. This transfer further expands the firm's compliance and administrative services in Latin America and Brazil. [20] [21]
In July 2025, TMF Group partnered with the international banking network, IBOS Association (IBOS), with the aim to support cross-border operations and widen client access to global markets. [22]
Operations and Services
TMF Group provides a range of professional services focused on global compliance, payroll, accounting, and fund administration. Independent assessments have highlighted the firm’s capabilities in multi-country payroll, fund services, and finance outsourcing. [23]
In the area of payroll services, TMF Group was ranked as a "Leader" in the 2023 and 2024 editions of the Multi-Country Payroll (MCP) Solutions PEAK Matrix Assessment conducted by Everest Group. The firm was recognized for the breadth of its services and its ability to deliver payroll solutions across a large number of jurisdictions. [24] [25]
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€ 744 million (2022) [1]