Warburg Pincus is exploring a potential acquisition of business services provider

Vistra Group amid increasing investor appetite in the industry, people with knowledge of the matter said.

The buyout firm is in talks with Vistras owner, Hong Kong-based Baring Private Equity Asia, about a potential transaction, the people said. A sale could value closely held Vistra at about $4 billion to $5 billion, according to the people, who asked not to be identified because the information is private. 

Vistra could also attract interest from other private equity firms and industry players, the people said. Deliberations are ongoing, and BPEA could decide to keep the business for longer, the people said. 

Representatives for BPEA and New York-based Warburg Pincus declined to comment. 

BPEA acquired a majority stake in Vistra from IK Investment Partners in 2015 for an undisclosed sum. Vistra offers back-office services including accounting, corporate secretarial work, company formation, compliance and transaction support, according to its website. 

Under BPEAs ownership, it has grown through deals including the acquisition of Newhaven, which expanded its presence in the private wealth market, and Australian accounting firm Leydin Freyer. 

Earlier this month, BPEA

agreed to acquire Tricor Group, a rival Hong Kong-based business services firm, for $2.76 billion including debt. Tricor had also drawn interest from other suitors including Carlyle Group Inc., Hillhouse Capital, KKR & Co., Affinity Equity Partners and a consortium backed by Warburg Pincus, Bloomberg News has


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