Fidence buys Mauritius' Mitco, adding $5.5M in revenue and 90 staff
What's the deal? Luxembourg-based business services group Fidence has acquired Mitco, a Mauritian asset management firm, in a transaction whose value was not disclosed. The deal, announced on August 28, adds roughly $5.5m in annual turnover and around 90 professionals to Fidence.
Who is Mitco? Founded in 1993, it provides corporate services, fiduciary and fund administration services, and support with cross-border structuring. It was previously owned by Ciel FinanceDealroom has a profile for this one. Try Dealroom → and operates in Mauritius and the Seychelles.
The expansion angle: The purchase extends Fidence's footprint to Mauritius and the Seychelles, giving it eight locations across Luxembourg, France, Morocco, the United Arab Emirates, Switzerland, Mauritius, and the Seychelles. CEO Cornelius Bechtel said the deal should give clients direct access to investment flows linking the United Arab Emirates, Africa, and Asia.
Why now? The acquisition comes less than 18 months after Fidence was founded. The group was created in March 2025 when Hoche Partners Corporate ServicesDealroom has a profile for this one. Try Dealroom → acquired Paddock Corporate ServicesDealroom has a profile for this one. Try Dealroom → and Paddock Fund SolutionsDealroom has a profile for this one. Try Dealroom →, building a workforce of over 100 in Luxembourg, France, and Morocco.
What's the endgame? Backed by the Amethis Europe ExpansionDealroom has a profile for this one. Try Dealroom → fund, which invested in October 2024, Fidence is pursuing rapid consolidation. It acquired CW PartnersDealroom has a profile for this one. Try Dealroom → in December 2025, adding Dubai and Geneva, and says it doubled in size in a year — though it has not published consolidated turnover or headcount figures.
Mitco's chief executive, Mahen Govinda, will keep his role and become a Fidence shareholder. "Joining Fidence marks the start of a new chapter for Mitco and our teams," he said.
The signal: Fidence's fourth deal in under two years shows how private capital is fuelling the buy-and-build consolidation of the fund administration and corporate services sector, stitching together boutique firms across Europe, the Middle East, Africa, and Asia into a single cross-border network.
Read more: delano.lu
Image credit: Generated with Gemini
