FNZ BANK has been 100% owned by ADVENT INTERNATIONAL and HARBOURVEST PARTNERS since August 2026.

At what enterprise value was FNZ BANK acquired in 2026?

During the acquisition of FNZ BANK by ADVENT INTERNATIONAL / HARBOURVEST PARTNERS in 2026, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

What was the EV/EBITDA of FNZ BANK when it was acquired by ADVENT INTERNATIONAL / HARBOURVEST PARTNERS?

The estimated EV/EBITDA multiple for FNZ BANK is in the range of 5x - 12x.

What was the revenue of FNZ BANK at the time of the deal?

The revenue of FNZ BANK at the time of the deal is estimated to be in the range of 250M - 500M EUR.

What was the EBITDA of FNZ BANK during the acquisition?

FNZ BANK's EBITDA is estimated to be in the range of 50M - 100M EUR.

How is the data for the FNZ BANK acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FNZ BANK deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.adventinternational.com/news/advent-to-acquire-fnz-bank-a-leading-independent-wealth-management-banking-and-infrastructure-provider-in-germany/

What is the average EV/EBITDA multiple for the Financial Services sector in 2026?

The average EV/EBITDA multiple for the Financial Services sector in 2026 is 12.4x.

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Home Database Financial ServicesFNZ BANK

08/2026

FNZ BANK acquired by ADVENT INTERNATIONAL & HARBOURVEST PARTNERS

GERMANY Wealth & Asset Management EV 300M - 700M EUR

Context

Advent, together with a consortium including HarbourVest Partners, acquires FNZ Bank from FNZ Group, marking Advent's entry into German banking infrastructure for wealth management. The transaction, announced in August 2026 and expected to close in the second half of 2027, is subject to customary regulatory approvals. The strategic logic rests on structural trends in the German market: aging demographics and a widening retirement savings gap make private retirement provision increasingly important. FNZ Bank provides the critical infrastructure that enables financial advisors and institutions to help households accumulate wealth for the long term. Advent is convinced these structural trends provide a strong foundation for growth. Post-closing, the investors plan to support FNZ Bank through its next phase of growth, with long-term investment in technology and operational capabilities, and a focus on further enhancing its product and service offering for partners. FNZ and FNZ Bank intend to maintain their long-standing commercial partnership, leveraging FNZ's technology capabilities to support the bank's continued growth. This transaction enables FNZ to focus on its core wealth management technology platform business, while Advent brings its regulated financial services investment experience.

FNZ BANK, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Financial Services sector (12.4x).

-> Deep-dive in Financial Services market trends

Target

FNZ Bank is an independent provider of banking and infrastructure services for wealth management, based in Germany. The company focuses on banking, custody, transaction execution, and regulatory services for the wealth management sector. FNZ Bank connects more than 50,000 financial advisors, 200 asset managers, and over 400 distribution partners, serving more than 2.1 million end-customers. The company holds approximately 155 billion euros in assets under custody, making it a significant player in Germany's wealth management ecosystem. FNZ Bank's infrastructure enables financial advisors and institutions to help households accumulate wealth for the long term, particularly in the context of Germany's aging population and widening retirement savings gap. The company has a leading market position and long-standing partner relationships with actors in the German financial sector. FNZ Bank is a subsidiary of FNZ Group, a wealth management technology company based in New Zealand and headquartered in London.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

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2026

2025

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REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FNZ BANK by ADVENT INTERNATIONAL / HARBOURVEST PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: fnz bank

Acquirer: harbourvest partners / advent international