Avida is gearing up - sees great growth potential in the Nordic corporate market.
With the goal of becoming one of the leading specialist lenders in the Nordic region in both consumer and business finance, Avida is undertaking strategic investments in its business finance footprint so as to take advantage of the great growth potential that exists in the Nordic corporate market.
This investment comes as a result of the strategy review that the board and management team of the company conducted during the first half of this year.
Varun Khanna, Chairman of the Board of Avida and representative of the company's main shareholder, KKR, says: “We believe that there is a significant growth opportunity in the Nordic market to deliver financial solutions to both individuals and companies. Since we invested in Avida a year ago, we, together with the management team, identified a clear growth path for the business finance segment. In addition to maintaining our strong footprint in providing working capital solutions to small and medium sized companies, we are investing in our coverage of financial sponsors and their portfolio companies, under the leadership of our newly appointed head of Business Finance, Filip Gustafson.”
Pehr Olofsson, interim CEO of Avida, says: “under Filip's leadership, we have made a number of key recruitments to further strengthen our Business Finance team. The team brings extensive experience and expertise and bring with them a valuable network of industry relationships. This, together with a fast and well-founded credit decision process, will continue to generate good growth in the future. The effort has already begun to deliver results and just before summer, two major loan transactions have been made with Private Equity funds and their portfolio companies.”
To be able to win corporate deals in a tough competitive market where the margin pressure is constantly present, it is so much more than price that matters, according to the recently appointed head of Business Finance, Filip Gustafson.
“I see great potential to grow Avida's volumes by offering tailored and flexible financing solutions to our corporate customers. A deep understanding of the company’s business model and needs, in combination with an efficient credit process, enables us to make quick and well-founded credit decisions. We can offer flexibility in structure and terms that make us relevant even in situations that are outside the traditional banks' credit offering.”
For further information please contact:
Filip Gustafson, Head of Business Finance, Telephone +46 72 221 42 70. E-mail: filip.gustafson@avida.se
Michael Grosche, Head of Communication and Investor Relation, Telephone +46 70 307 29 36. E-mail: michael.grosche@avida.se
About Avida
Avida is a credit market company that since the start in 1983 has focused on offering loans to individuals and corporates. We are currently about 130 employees, with headquarters in Stockholm and offices in Oslo and Helsinki. At Avida we are not like everybody else in this business, we will always go that extra mile to help our customers turn their plans into reality and we promise that we always give our customer the proper attention and the chance to get the financing they need.
Avida is under the supervision of the Swedish Financial Supervisory Authority and like all Swedish banks and credit market companies, we are covered by the state deposit insurance.