Nordic Capital has agreed to acquire a majority stake in Lindorff from Investor and Altor for 2.3 billion in euros. As a result of the transaction. Altor and Investor will retain a minority holding in Lindorff. Based in Oslo, Norway, Lindorff is a credit management service provider.
Nordic Capital acquires the majority of Lindorff from Investor and Altor, with the aim to support Lindorff’s growth and expansion to become a global player in its industry.
Nordic Capital Fund VIII (“Nordic Capital”) has signed an agreement to acquire the majority of Lindorff, a leading European debt collection company headquartered in Oslo, Norway. Investor and Altor will retain a minority holding in Lindorff. The total EV is EUR 2.1 bn plus EUR 200 mn of a performance based shareholder note.
“Nordic Capital has followed the development of Lindorff for many years and is impressed with the successful transformation and positioning of the company. In the coming years, Nordic Capital looks forward to supporting further growth and expansion of Lindorff, and to contributing through Nordic Capital’s extensive experience and network in the financial services industry”, says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.
“Lindorff benefits from a strong position in the mature Nordic markets where we have developed a comprehensive strategy and an integrated approach to debt collection. We now use this model as a base for our growth in continental Europe to help banks deal with their non-performing loans. We are experiencing very strong growth, and with our new owner, who has a strong track record in the financial industry, we get access to in-depth knowledge, network and additional capital to pursue our growth strategy”, says Endre Rangnes, CEO of Lindorff Group.
Lindorff was founded in 1898 in Norway and is now one of the biggest and fastest growing debt collection companies in the world. Lindorff’s strategy has been to be the preferred partner for banks and financial institutions. Over the past 10 years, Lindorff has expanded its geographic presence, first to become a true Nordic market leader and then to take leading positions in Germany, Spain and the Netherlands. Lindorff has approximately 2,750 employees and operates in 11 countries in Europe, providing a range of products and services including customer selection, credit evaluation, invoicing, reminders, debt collection, portfolio management and customer services. Lindorff helps its customers to make better decisions, improve their efficiency and accelereate their cash flow through its market-leading expertise and unique databases. The company had a net revenue of EUR 450 million in 2013.
The investment is subject to approval by the relevant authorities and is expected to be completed in the fourth quarter of 2014.
With roots back to 1898, Lindorff is today a full-service European credit management service provider. The company offers information services, payment services, invoicing services, debt collection and debt purchase. Lindorff is particularly strong in the financial industry, where it holds the leading position in Europe. Lindorff has approximately 2750 employees in 11 countries. Net revenue in 2013 was EUR 450 million (2012: EUR 425 million). The headquarters are in Oslo, Norway.
About Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK.
For further information about Nordic Capital please see www.nordiccapital.com