Dubai-Born Corporate Service Provider Creative Zone Acquired by Encor Group from Hong Kong As part of the transition, all shareholders have fully exited and are no longer involved in Creative Zone's operations, the company stated in an email to Entrepreneur Middle East.
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Creative Zone Group, a corporate service provider based established in Dubai in 2010 by Steve Mayne and Mahesh Dalamal, has been acquired by Hong Kong-headquartered corporate, trust and fund services platform Encor Group. Financial terms of the deal have not been disclosed.
As part of the transition, all shareholders have fully exited and are no longer involved in Creative Zone's operations, the company stated in an email to Entrepreneur Middle East.
Creative Zone Group currently has approximately 350 employees and serves more than 75,000 clients across the UAE, Saudi Arabia, and Qatar.
The acquisition comes on the back of rapid growth in the corporate service provider sector across the GCC region. This investment will enable its growth in the GCC while taking advantage of the connectivity provided by Encor's services and clients in key Asian markets.
"Creative Zone is a leading CSP in the GCC, and we are excited to support Encor in its expansion to this attractive, fast-growing region," said Kuo Chuan Kung, Managing Partner of Nexus Point, an Asian private equity firm that is the majority owner of Encor.
Creative Zone's management team will continue to lead the business, and support its integration into Encor's global platform. Lorenzo Jooris, Group CEO of Creative Zone, will become a member of Encor's Executive Leadership Team after the closing of the acquisition.
"Today's announcement represents a significant milestone for Creative Zone," said Jooris, "Encor and its investors bring considerable financial resources and operating expertise to the table, enabling us to enter an exciting new phase of our growth strategy into global markets. Our combined strengths will accelerate the growth of our business, enhancing our ability to deliver innovative solutions that meet growing demands within and beyond the GCC."
