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Fidence, a Luxembourg-based corporate services group backed by private equity firm Amethis, has acquired MITCO, a corporate, fiduciary, fund administration and related support services company. MITCO operates in Mauritius and the Seychelles.
Amethis invested in Hoche Partners Corporate Services in 2024. Hoche Partners Corporate Services later merged with Paddock Corporate Services and Paddock Fund Solutions in March 2025 to create Fidence.
MITCO was founded in 1993 as one of the first management companies licensed by the Financial Services Commission in Mauritius. Until this transaction, the firm formed part of CIEL Finance, the investment and financial services arm of CIEL Limited, one of Mauritius’ leading diversified groups.
MITCO will continue to be managed by Mahen Govinda as chief executive officer, who will join the shareholder base of Fidence.
“The acquisition of MITCO is a defining step in Fidence’s international development. 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. With MITCO, our clients gain direct access to these corridors through a team of recognised quality. I am particularly pleased that Mahen Govinda will join our shareholder base. His decision to invest alongside us reflects a shared long-term vision and strengthens the alignment within the partnership that leads our group,” said Cornelius Bechtel, chief executive officer of Fidence.
“Joining Fidence marks a new chapter for MITCO and our teams. We share the same standards of quality, governance and client service, and becoming part of an international platform allows us to offer our clients greater reach and depth. I am proud to continue leading MITCO within the Group and, as a shareholder, to contribute directly to Fidence’s next chapter,” commented Govinda.
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