Axactor acquires unsecured Non Performing Loan (NPL) portfolio in Germany
Oslo, 19 June 2017 - Axactor has acquired its first unsecured NPL
portfolio originated by a large German Bank. The portfolio
includes unsecured claims with a total Outstanding Balance (OB) of
approximately EUR 32 million, with close to three thousand open
accounts of individuals. Although a first in Germany, this
acquisition means Axactor has now acquired portfolios in all
Axactor countries during 2017, ensuring that the business
continues to grow across the whole group.
"This is our 1st portfolio acquisition since the acquisition of
ALTOR GmbH and complements the existing seasoned book that we
acquired at the same time. The portfolio demonstrates our first
step in building a solid pipeline of portfolios in what is a very
attractive as well as competitive market for NPL sales", says
Endre Rangnes, Axactor CEO.
"We are delighted to purchase our first portfolio as Axactor
Germany and will be working hard to find many more and larger
opportunities over the next 6 to 12 months in Germany", says Doris
Pleil, Country Manager Germany.
The investments will be 100% financed by Axactor's existing cash
and credit facilities.
For additional information, please contact:
Endre Rangnes, CEO Axactor
Mobile phone: +47 4822 1111
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +47 4771 0451
Axactor Group specializes in both Debt Collection and Debt
Purchasing across several countries, with operations in Italy,
Germany, Norway, Sweden and Spain. 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. Axactor
has approximately 875 employees.