Praxis strengthens position in Netherlands with acquisition of PES
Further to the announcement by Praxis Group last month that it is acquiring Kompas International in the Netherlands the financial services company is pleased to announce that KOMPAS has agreed to acquire 100% of the issued share capital of Private Equity Services (Amsterdam) B.V. a Netherlands registered company ('PES') subject to normal completion conditions and regulatory approvals.
The acquisition is in line with the Group's plans to grow its corporate and private client services further both in reach and people.
Commercial director of KOMPAS Guido Wagenaar is pleased they are able to add PES to its team so soon after KOMPAS' own acquisition by Channel Islands-based financial service provider Praxis. 'The acquisition of PES is a great step in strengthening our team in The Netherlands as a hub for Praxis' services on Europe's mainland' said Mr Wagenaar. 'PES has very knowledgeable experienced people that we are very glad to get on board with us.'
Simon Thornton CEO of Praxis adds that PES is very welcome in the larger Praxis group. They have a strong team and combined with KOMPAS it is a solid base that we can build on in Europe.' The move takes the total number of staff employed by Praxis to 437 across multiple global jurisdictions.
PES provides alternative investment funds and international business clients with fiduciary services and specialises in corporate accounting activities. The firm has a staff of 20 and offices in The Netherlands and the Caribbean. All staff will be retained; the PES team in The Netherlands will merge with the KOMPAS team under the name of Praxis Amsterdam.
Managing Director of PES Jo de Haas is looking forward to his team's new step. Our team at PES is dedicated and highly specialised' said Mr De Haas. 'I think we can add greatly to the service offering of Praxis in the Netherlands with our personal approach and our service experience. Being part of a larger organisation gives us many new opportunities.'
With the acquisition of PES Praxis' fiduciary team in The Netherlands will grow to 30 staff. They also add three new staff in The Caribbean.
The parties have agreed not to disclose the financial terms of the transaction which is subject to regulatory approvals and other customary closing conditions.