AnaCap signs agreement to acquire majority stake in DK Accountants & Adviseurs, a leading founder-led Dutch accountancy services provider
AnaCap, a market-leading private equity investor specialised in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has signed an agreement for the acquisition of a majority stake in DK Accountants & Adviseurs (“DK” or the “Company”), a leading founder-led Dutch accountancy services
provider.
This acquisition marks AnaCap’s first investment in the Netherlands. It is also one of the first investments for AnaCap’s latest flagship vintage fund.
Founded in 1989, DK is an independent, full-service accountancy and advisory platform focused on providing accounting, tax, payroll, advisory and audit services to SMEs. The Company has grown from a single office to support clients across the Netherlands through its 12 offices. The business is led by a talented and experienced management team with a proven track record of delivering both organic and inorganic growth.
The accounting and audit market in the Netherlands has been experiencing steady growth, driven by longterm trends. The market is highly fragmented in nature, providing significant opportunities for further consolidation and enhancing operating leverage through scale.
Since 2019, DK has completed 8 acquisitions independently and has successfully integrated these businesses supported by significant investment in its IT platform, thereby enabling future scalability. Following AnaCap’s investment, DK aims to further strengthen its market position, consolidate the fragmented Dutch accountancy market and continue to achieve above-market organic growth.
The Company’s seasoned management team, led by Founder and CEO Alber De Koning, will continue to steer the Company, ensuring important continuity as well as leveraging their deep industry expertise. AnaCap’s investment will enable the DK leadership team to significantly accelerate its M&A plans, supported by AnaCap’s extensive experience in executing successful buy-and-build strategies across the financial ecosystem in Europe. The partnership will also focus on driving operational efficiencies, expanding service offerings and enhancing client value with technology and innovation as the cornerstones of
business excellence.
The transaction is subject to the information and consultation of DK’s employee representative bodies and to other customary closing conditions, including regulatory approval with respect to the audit arm of the
Company. AnaCap received financial advice from KPMG and legal advice from Linklaters.
Nassim Cherchali, Managing Partner at AnaCap, commented:
“We are thrilled to announce the signing of this majority investment into DK. This represents one of the first investments in our latest flagship fund with a number of other transactions already under exclusivity and progressing well towards the signing stage. DK presents as an appealing opportunity to invest in a fastgrowing market with a significant runway for future M&A activity. DK closely aligns with AnaCap’s core investment philosophy with an impressive and highly recurring revenue profile, strong client loyalty and a clear roadmap to margin expansion through both scale and productivity gains over time.”
Nicholas Montoute, Investment Director at AnaCap, added:
“We are delighted to announce our inaugural investment in the Netherlands with a leading accountancy platform. AnaCap’s investment in DK demonstrates our commitment to partnering with ambitious management teams to support and accelerate their growth ambitions. We are excited to work with the entire team at DK and are thrilled to welcome them to the AnaCap platform.”
Alber De Koning, CEO of DK, concluded:
“We are excited to partner with AnaCap, whose strategic vision and operational expertise align perfectly with our growth ambitions. This partnership will provide us with the resources and support to further strengthen our market position and deliver exceptional value to our client base.”