Lowell to acquire Fortum’s Norwegian credit management company, Solvencia AS
Leading energy company Fortum and Europe’s second largest credit management company Lowell, today announced that Lowell will acquire the credit management company Solvencia AS.
Besides the acquisition the agreement also includes a servicing contract which means that Lowell will handle collection claims on behalf of Fortum’s electricity sales in Finland, Norway and Sweden. The collaboration will come into effect over the coming months.
In addition to the servicing agreement Lowell acquires Fortum’s wholly owned Norwegian credit management company, Solvencia AS. Solvencia today employs 75 persons. The transaction is not subject to any formal approvals and the ambition is to close the transaction in September.
– We are excited to partner with such a leading energy provider as Fortum. We believe that our focus on high performance, excellent customer experience, data and analytics in combination with market leading stands on ethics and compliance, is a winning concept in a highly competitive market space, Johan Agerman, CEO of Lowell Nordics.
According to Lowell’s own estimates, Lowell Nordic now becomes the second largest credit management company within the electricity sector in Sweden and Finland and number three in Norway. This in addition to already being the market leader within the financial services sector in Finland, Sweden and Denmark.
In this transaction Lowell have been advised by EY and Advokatfirmaet Selmer.
About Lowell
Lowell is one of Europe’s largest credit management companies with a mission to make credit work better for all. It operates in the UK, Germany, Austria, Switzerland, Denmark, Norway, Finland and Sweden. Lowell’s unparalleled combination of data analytics insight and robust risk management provides clients with expert solutions in debt purchasing, third party collections and business process outsourcing. With its ethical approach to debt management, Lowell always looks for the most appropriate, sustainable and fair outcome for each customer’s specific circumstances. Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. In 2018, Lowell completed the acquisition of the Carve-out Business from Intrum, which has market leading positions in the Nordic region. It is backed by global private equity firm Permira and Ontario Teachers’ Pension Plan. For more information on Lowell, please visit our investor website: http://www.lowell.com
For further information please contact:
Fredrik Skärheden
Communications Director, Lowell Nordics
Fredrik.skarheden@lowell.com
+46 707 300 729