New Delhi. BLS
International Services Limited (“BLS”), a leading global tech-enabled service
provider for governments and citizens, today announced the successful
completion of its acquisition of 100% stake in Citizenship Invest (CI), a
Dubai-based firm specializing in fast-track investor programs for residency and
citizenship across more than 15 countries.
BLS, through
its wholly owned subsidiary BLS International FZE, UAE, acquired CI for a total
purchase consideration of USD 31 million (~INR 260 crore), fully funded through
internal accruals. All necessary government and regulatory approvals were
obtained ahead of schedule.
Founded in
2009, Citizenship Invest has grown into a prominent player in the citizenship
and residency industry, offering over 20 programs. The company has successfully
served more than 1,800 clients from over 85 countries, boasting a 99% success
rate in application approvals.
For the
calendar year 2023, Citizenship Invest reported audited revenues of USD 9.6
million (~INR 81 crore) and an EBITDA of USD 4.4 million (~INR 37 crore), with
a robust EBITDA margin of 45%. The company experienced notable growth in 2023,
with a 28% increase in revenue and a 43% rise in EBITDA.
This acquisition strengthens BLS's portfolio in visa and consular services, specifically enhancing its long-term visa solutions such as citizenship and residency services. Over its 15-year history, Citizenship Invest has built a strong reputation among high-net-worth individuals (HNWIs) as a trusted provider in this sector. Sakura Advisory acted as the legal advisors for the transaction.
Commenting on
the acquisition, Mr. Shikhar Aggarwal, Joint Managing Director of BLS
International Services Limited, said: "We are thrilled to welcome Citizenship Invest, a
renowned leader in the citizenship and residency space, into the BLS family.
This acquisition underscores our commitment to expanding our capabilities in
the visa and consular services sector. It aligns with our strategic vision of
creating synergies across our business and delivering greater value to all our
stakeholders.
Leveraging
BLS’s global network spanning 66+ countries, we plan to accelerate Citizenship
Invest’s growth by focusing on regions with a high concentration of HNWIs. This
strategy will enable us to tap into new markets, enhance Citizenship Invest’s
global footprint, and position BLS as a comprehensive solution provider for
visa, consular, citizenship, and residency services."
pallavi.mohan@blsinternational.com, gaurav.chugh@blsinternational.com, Sanjay@value360india.com
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