TMF Group, a leading provider of international business administration services, has acquired Ecovis R&G Consulting Ltd. (‘Ecovis Beijing’) in a deal that adds significant strength to its cross-border investments proposition – particularly for those flowing between China and Germany.
The acquisition, which is now completed, is part of a strategic push by TMF Group to continue to grow its footprint in China and will see Ecovis Beijing’s 40-plus team of professionals join forces with its existing teams in its offices in Beijing and Tianjin.
Ecovis Beijing, has built an enviable track record in providing tax and compliance services for small and medium sized companies (SMEs) with operations in both China and Germany since it was founded in 2012.
Thun Lee, Head of TMF Group in China, said: “TMF Group has been expanding its services portfolio in China for several years now, and this forms another exciting chapter in that story.
“Our focus on growth is driven by the fact that we remain bullish about the Chinese economy and the potential it offers for foreign investors,” he added. “The Ecovis team has great experience in supporting the ‘Mittelstand’ pool of SME businesses known for being the key drivers behind the German economy – which makes this acquisition a pertinent part of our growth strategy.
“Germany is one of the largest investors in China and having our new colleagues onboard helps strengthen our position as a key player in supporting the growing number of cross-border investment opportunities that pass through that China-German economic corridor.”
Richard Hoffmann, Partner and Co-Founder at Ecovis Beijing, said: “There was a natural affinity already in place, which makes this deal such a good fit for us”.
Grace Shi, the other Partner and Co-Founder of Ecovis Beijing stated additionally: “TMF Group is unrivalled when it comes to geographic scope and range of administration services needed to successfully set up and operate around the world. We look forward to playing our part in building that proposition, working with our new colleagues and continuing to support German, European and other international businesses with their investments in China, and vice versa.”