Private Equity Firm Altor Aims to List Debt Collector Lindorff

Nordics-focused private equity group Altor aims to list debt collector Lindorff, possibly sometime next year, Reuters reported.

(Reuters) – Nordics-focused private equity group Altor aims to list debt collector Lindorff, possibly sometime next year, executives said on Monday.

Altor, with 3.8 billion euros in capital under management, has since 2008 jointly owned Lindorff with Swedish investment firm Investor, which declined to comment on the listing plan.

“Lindorff is an exciting case for the stock exchange,” Altor joint managing partner Harald Mix said at the firm’s capital markets day for investors and analysts in the Swedish capital.

Lindorff’s services range from credit checks to invoicing and debt collection and it employs 3,000 people in 11 European countries.

It is forecast to post earnings before interest, tax and amortisation (EBITDA) of more than 150 million euros this year and, based on figures in Investor’s latest report, has an enterprise value of about 14 billion Swedish crowns ($2.13 billion)

Altor, which invested in Lindorff in 2003 with its first fund, has not yet hired a financial advisor.

Between then and 2012, Lindorff’s EBITDA rose to 247 million euros from 43 million.

“The first half of next year is the earliest we could list this company,” Mix told Reuters.

Hugo Maurstad, an Altor partner and Lindorff chairman, said a listing would be ideal as Altor could retain part of its stake.

While activity in the Nordic private equity industry has held up well during Europe’s financial downturn, with a number of assets changing hands, the IPO pipeline has shrunk as owners hold out for stronger, more stable markets.