Encor Group Acquires Creative Zone Group to Expand GCC Operations
In a significant development within the corporate services industry, Creative Zone Group, which was established in Dubai in 2010 by Steve Mayne and Mahesh Dalamal, has been acquired by the Hong Kong-based Encor Group. The financial details of the acquisition have not been made public.
Transition of Leadership
With this acquisition, all original shareholders of Creative Zone Group have exited, indicating a complete transition in the company’s ownership. According to a press release directed to Entrepreneur Middle East, the existing management of Creative Zone will continue to oversee operations while integrating services into Encor’s broader corporate platform.
Employee Base and Clientele
Creative Zone currently maintains a workforce of approximately 350 employees and serves a diverse clientele of over 75,000 customers across the UAE, Saudi Arabia, and Qatar. This extensive reach highlights its prominence in the region’s corporate service provider sector.
Strategic Growth within the GCC
The acquisition aligns with the rapid growth observed in the corporate services sector across the Gulf Cooperation Council (GCC) area. By leveraging Encor’s established connections in key Asian markets, Creative Zone aims to enhance its operational capabilities in the region.
Investor Insights
Kuo Chuan Kung, Managing Partner of Nexus Point, an Asian private equity firm and major stakeholder in Encor, expressed enthusiasm for the transaction. “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,” Kung stated.
Future Directions
As part of the integration process, Lorenzo Jooris, the Group CEO of Creative Zone, is set to join Encor’s Executive Leadership Team, signaling the continuation of his leadership role in this new phase. Jooris remarked, “Today’s announcement represents a significant milestone for Creative Zone. 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.”
Conclusion
This acquisition marks a pivotal moment for Creative Zone Group, positioning it for future growth and innovation as it integrates with Encor Group’s global network.