Singapore-based private equity firm AIGF has sold its stake in Philippine business services provider KMC Solutions, exiting its seven-year investment in the company.
AIGF, which invested in KMC in 2019, did not identify the buyer in its announcement, describing the incoming investors as having a strong strategic understanding of the sector. KMC’s offerings include employer-of-record services, human resources, and flexible workspace for companies setting up operations in the Philippines.
During AIGF’s ownership, KMC expanded from 36 floors across 21 buildings to 79 floors across 30 buildings, while the number of employees it managed rose to more than 6,000 from about 1,200, the firm said.
Founded in 2010, KMC operates more than 30 offices across major business districts in the Philippines and has established regional hubs in four other countries.
AIGF said it worked with KMC’s founders and management to expand its employer-of-record business and geographic footprint during the investment period.
“The fact that KMC commands a market-leading position today is a testament to its resilience, strong value proposition and the leadership of its management team,” Daniel Yong, a partner at AIGF, said in a statement.
The exit comes as private equity investors in Southeast Asia continue to seek liquidity from portfolio companies after holding periods extended by the pandemic and a challenging exit environment.
Mitsuhiro Umino, AIGF’s chief executive officer, said the transaction reflected the firm’s focus on identifying businesses where it can support growth and value creation.
AIGF is sponsored by Mitsubishi Corp. and focuses on small- and mid-cap companies in ASEAN. The Singapore-based firm provides growth capital and supports portfolio companies with business development, corporate governance and strategic planning.
