TMF Group

Last updated
TMF Group Worldwide
Industry Professional services
Founded1988;36 years ago (1988)
Headquarters Amsterdam, Netherlands
Key people
Mark Weil (CEO), Patrick de Graaf (CFO),
Services Accounting and reporting services
RevenueIncrease2.svg 744 million (2022) [1]
Increase2.svg €235 million (2022)| €199 million (2021)
Number of employees
9,100 (2023)
Parent
Website tmf-group.com

TMF Group B.V. (Trust Management Finance) is a Dutch multinational professional services firm headquartered in 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]

Contents

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]

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References

  1. "TMF Group announces 2022 full year results".
  2. "Private Equity Wire".
  3. 1 2 "Doughty Hanson to Acquire TMF for €750 million". Doughty Hanson. Retrieved 2013-09-11.
  4. TMF Group Acquisitions
  5. Bosco Conference Partners
  6. Ammachchi, Narayan (2015-03-23). "TMF Group Buys PricewaterhouseCoopers' Brazilian BPO Unit - Nearshore Americas" . Retrieved 2024-05-14.
  7. "TMF Group Acquired by CVC Capital Partners". 27 October 2017.
  8. "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".
  10. "Mozambique: Dutch Company Fined for Role in 'Hidden Debts'". AllAfrica. Retrieved 11 August 2021.
  11. "Fine for trust office TMF Netherlands B.V. For insufficient customer due diligence".
  12. Decision to impose an administrative fine (in Dutch). dnb.nl, Retrieved 14 May 2024
  13. "Private equity firm CVC sells TMF Group stake to its own fund". Financial Times. 25 July 2022.