PraxisIFM, a Guernsey-based corporate services, trust and fund services provider with nine overseas outposts already, has announced that it has acquired a Dutch rival, Kompas International.
Based in Amsterdam, Kompas is a trust and corporate services provider which currently employs 10 people, PraxisIFM said in a statement. Once the deal completes, it will be known as PraxisIFM Netherlands BV.
Financial details of the transaction, including the price being paid, weren’t given, and the deal is described as being subject to regulatory approvals and other closing conditions.
The deal represents PraxisIFM’s first acquisition since it listed earlier this year on the International Stock Exchange – which, like PraxisIFM itself, is headquartered in Guernsey.
Between April 2016 and April 2017, PraxisIFM made a total of four other acquisitions: Dubai-based Ryland Gray; Switzerland- and Mauritius-based Ampersand Management SA; Geneva-based Balmor Management SA; and Guernsey-based Cavendish Corporate Investments PCC.
In a separate announcement on Tuesday, PraxisIFM published its latest results, noting that earnings before interest, tax, depreciation and amortisation in the year to the end of April grew by 29% to £8.3m on revenue that grew by 26% to £35.1m. Per share earnings rose to 6.8p, from 6p in 2016. A dividend of 1p per share was declared.
In a statement announcing the Kompas acquisition, PraxisIFM chief executive Simon Thornton (pictured left, above, with Brian Morris, the group’s Jersey-based group management committee chairperson), said it the Dutch company had “great experience in an area that offers high growth potential for us”, and noted that the Netherlands was “a strategically advantageous jurisdiction in Europe”.
‘One of the Channel Islands’ largest’
PraxisIFM claims to be one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands. Its existing offices in 10 jurisdictions, including Guernsey, employ more than 300 staff. In addition to Guernsey, it has outposts in JErsey, Luxembourg, Malta, Mauritius, South Africa, Switzerland, the United Arab Emirates, New Zealand and the UK.
As reported by International Investment, PraxisIFM was formed in 2015 by the merger of Guernsey-based Praxis Group and Jersey-based IFM Group. At the time, the newly-created group was described as having more than US$30bn in assets under administration, and looking after clients through nine offices employing some 200 people worldwide.