Luxembourg-based corporate services group Fidence has acquired MITCO, a management company operating in Mauritius and the Seychelles, as part of its international expansion strategy.

Financial terms of the transaction were not disclosed. The acquisition has been completed following regulatory approvals from the Financial Services Commission in Mauritius and the Financial Services Authority in the Seychelles.

Founded in 1993, MITCO was one of the first management companies licensed by the Financial Services Commission in Mauritius. Prior to the transaction, the company was part of CIEL Finance, the investment and financial services arm of diversified Mauritian group CIEL Limited.

MITCO provides corporate, fiduciary, fund administration and related services to institutional, corporate and private clients. Its activities include cross-border structuring and the administration of investment and holding vehicles.

The acquisition adds approximately $5.5 million in annual turnover to Fidence and around 90 employees to the group.

For Fidence, the transaction establishes an operational base in Mauritius, an international financial centre used for investment structures connecting Africa with markets in Asia, the Middle East and other regions.

“The acquisition of MITCO is a defining step in Fidence’s international development,” said Cornelius Bechtel, Chief Executive Officer of Fidence.

“Mauritius is one of the world’s leading financial centres, connecting the UAE, Africa and Asia and serving as a gateway to and from the key investment markets of the future,” he added.

MITCO will continue to be led by Chief Executive Officer Mahen Govinda, who will also become a shareholder in Fidence as part of the transaction.

“Joining Fidence marks a new chapter for MITCO and our teams,” Govinda said. “Becoming part of an international platform allows us to offer our clients greater reach and depth.”

Fidence provides corporate and administrative services to corporates, investment funds, family offices, high-net-worth individuals and institutional investors. The addition of MITCO expands the group’s capabilities in fund administration, fiduciary services and cross-border investment structures in Mauritius and the Seychelles.