Jersey-based fund management firm JTC is to acquire the Amsterdam-based corporate and fiduciary services provider Van Doorn from International Capital Group.
A statement by JTC said that the deal would increase the firm’s market presence in Europe by broadening its services and enhancing opportunities for future growth.
Van Doorn's 16 employees will combine with JTC's existing institutional client services team in Amsterdam.
The consideration for the acquisition is made up of an initial element of around €16 million and an earn-out element.
The earn-out would be paid in cash during 2019 and will be based on Van Doorn's performance in 2018. The total consideration payable will be subject to an absolute cap of €21.5 million.
Nigel Le Quesne, chief executive of JTC, said: "Van Doorn is a high-quality, fast-growing business that is an ideal bolt-on to our institutional client services division and which strengthens and enlarges our Netherlands platform.
The management team has built a successful business based on very similar principles to JTC and this deal allows Van Doorn to become part of a larger, established global network, while retaining its focus on sophisticated solutions and client service excellence.”
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