Axactor acquires a large unsecured non-performing loan (NPL) portfolio from Bank Norwegian in Sweden.
Oslo, 31 March 2017 - Axactor has acquired the largest unsecured NPL portfolio since starting up in the fourth quarter of 2015. The portfolio is originated by Bank Norwegian in Sweden and includes unsecured credit with a total Outstanding Balance (OB) of approximately EUR 105 million, across close to 15,200 open accounts of individual loans and credit card debt. This portfolio acquisition will increase Axactor's ERC by more than 30%.
The portfolio transaction is another primary market purchase, which will secure a significant increase in the existing cash collection, generated by Axactor's owned portfolios.
"This is our largest portfolio acquisition ever and will quantum leap our business in Sweden, contributing to the strong and profitable revenue growth in 2017 and future years. This Portfolio reinforces Axactor's commitment to making Sweden a key market within the Group. We are very honoured by the confidence Bank Norwegian has shown in Axactor by granting us this contract.", says Endre Rangnes, Axactor CEO.
"This acquisition demonstrates Axactor's ability to close key large portfolio purchases in the Nordics. Taking account of the strong portfolio pipeline outside of this transaction, we can expect many more to follow across the group in 2017.", says Robin Knowles, Axactor EVP Portfolio.
The investments will be financed by Axactor's available cash and our existing credit facilities with a 50/50 split of equity/debt. Closing of the transaction is expected to be 21st April.
For further information, please contact:
Chief Executive Officer
Tel: +46 8 402 28 00
Cell Phone: +47 48 22 11 11
Chief Financial Officer
Cell Phone: +47 477 10 451
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Spain, Italy, Germany, Norway and Sweden. 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. After the latest acquisition of Profact AB in Sweden, Axactor has approximately 875 employees.