US equity investor Bain Capital is reportedly in advanced talks to buy out VXI Global Solutions from Carlyle Group.
The deal is expected to value the Los Angeles-based BPO provider at between US$1.5 billion and $2 billion, according to Bloomberg.
Many private equity firms made a bid for VXI Global, but Bain Capital outbid them all and is close to sealing the deal, reported the wire service citing unnamed sources.
VXI Global runs delivery centers in nearly a dozen Chinese cities in addition to Hong Kong and is considered one of the biggest foreign BPO providers in the world’s second-largest economy. Among VXI’s clients include large Chinese multinationals, such as Alibaba.
It was in fact the major reason why Carlyle acquired a majority stake in the BPO provider in 2016. It was apparently hopeful that China could outpace India and the Philippines to become the world’s top destination for BPO services.
The call center services provider has a presence in the Latin American countries of Guatemala and Jamaica.
When Carlyle purchased a stake in 2016, VXI Global was valued at around $1 billion. Considering the Bloomberg report, the BPO provider’s valuation has almost doubled over the past five years.