Ackermans & van Haaren Delen Private Bank Deepens Presence In The Netherlands With Acquisition

Enter Private Bank has reached an agreement to acquire 100% of Petram & Co., an asset manager based in Utrecht, Netherlands. This is Delen's 6th acquisition (over the last 9 years) in the Netherlands since it entered the Dutch market in 2016 with the acquisition of Oyens & Van Eeghen. While we do welcome the news of Delen's growth, we are not entirely surprised. AvH management, over the last 2 years, has already mentioned that for the Private Banking Division, the Netherlands offers sufficient opportunity to inorganically grow. Post transaction, the Petram team will operate under the Delen Private Bank banner. We were not able to find the AuM of Petram & Co. but think this is a relatively small acquisition (between €20m-€30m) and also note that as of FY23-end, Delen's cash balance stood at ~€1,103m. The transaction is expected to be completed during the year, after the usual approval from the regulatory authorities. We reiterate our BUY rating and €236 TP.