Axactor succeeds in closing one of the largest unsecured consumer forward flow agreements in Germany
Oslo, June 22nd, 2018
Axactor has secured a significant forward flow of fresh unsecured consumer claims from a large financial institution. The forward flow is expected to generate approximately 46 mEUR of outstanding debt across 28.000 cases, per annum, with the contract covering a period of 24 months, renewable for a further 12 months. This acquisition is important for two reasons, firstly the claims are very fresh and secondly, they generate a large volume each month, both of which will lead to significant growth in Axactor Germany.
Doris Pleil, country manager Axactor Germany, commented "This acquisition marks a tremendous step for Axactor in Germany, we are pushing into the fresh claims market, where many financial institutions now focus their attention. The German management team have invested a lot of time to penetrate this key segment, and this deal is pivotal to revenue and margin growth in the years to come".
Axactor plans to make this acquisition through their jointly owned company Luxco Invest I with Geveran and will finance the transaction using existing cash and credit facilities.
For additional information, please contact:
Johnny Tsolis, CFO, Axactor
Mobile phone: +47 913 35 461
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 950 employees.