SINGAPORE (EDGEPROP) - A consortium led by KKR and TIGA Investments will acquire The Executive Centre (TEC), a flexible office space provider. (See: Workspace provider The Executive Centre expands footprint in China)

As part of the transaction, HPEF Capital Partners and CVC Capital Partners will exit their investments in the company.

“We are pleased to welcome KKR and TIGA Investments to The Executive Centre as our new investors. It’s a powerful partnership, well matched to drive the continued performance and growth of TEC. I also extend a big thank you to HPEF Capital Partners and CVC Capital Partners for their investment tenure, during which we increased the size of the business sevenfold,” says Paul Salnikow, founder and CEO of The Executive Centre.

TEC serves 32,000 members across over 150 centres in 32 cities and 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East, with an annual turnover in excess of US$237 million ($313 million).