Axactor Group secures significant consumer portfolio in Italy
Oslo, 13th December 2017 - Axactor Italy, an Axactor group company, has acquired a significant portfolio of unsecured consumer claims from a large financial institution in Italy. The portfolio has an outstanding balance of approximately EUR 90m across 20.000 cases and represents Axactor's largest acquisition in Italy since acquiring CS Union in 2016. This acquisition will generate an increase in the volumes of cases under management and will benefit both the amicable and legal workstreams, which are both very important in Italy.
Massimiliano Ciferri, country manager Italy, commented "This acquisition marks a significant investment for Axactor Group in Italy and one on which we believe we can build on to generate further purchases. The new management team in Axactor are extremely excited to have successfully acquired such a high quality portfolio. "
The investments will be financed by Axactor Italy's existing credit facilities.
For additional information, please contact:
Endre Rangnes, CEO Axactor
Mobile phone: +47 4822 1111
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +47 4771 0451
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Italy, Germany, Norway, Sweden and Spain. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to be about 1,500 billion euros across Europe providing significant opportunities for Axactor's future expansion. Axactor has approximately 900 employees.