Axactor acquires a new large primary portfolio in Spain

Axactor has closed another large primary transaction in Spain, this transaction is from Santander. The portfolio has an outstanding balance in excess of € 300 million across more than 60.000 cases. The portfolio represents close to 40% ERC growth in Spain and 16% for the Axactor Group, which means that over the last 6 months the portfolio business has now deployed Capex of € 110 million outside Italy – close to what has been expected for the whole of 2017.

“This transaction closes a very interesting initial 18 months period for the Axactor Group. During the last 5-6 months, we have managed to deploy € 110 million in portfolio acquisitions of our expected annual capex of €120-140 million for 2017. Based on current market trends, our short-term focus will be on a number of Forward Flow transactions (acquiring debt at monthly basis in 12-18 months contracts), which will be put into production later this year or early in 2018.

Furthermore, with the number of NPL and carve-out opportunities expected during the second half 2017 and first half 2018, the Axactor team will focus on the bank refinancing, and the on-boarding of a Co-Investment partner to support the strong growth potential going forward” says Endre Rangnes, CEO Axactor.

“The addition of this portfolio is significant for Axactor as it moves the company into not only the large primary transaction market, but also focusing on fresher claims, which will form the basis for much of the volumes sold across Europe over the coming years. These cases allow the company to manage the claims from an early stage and implement long term strategies for building and maintaining a solid cashflow. This purchase is not only a fantastic purchase for Spain but for the Group where it will sit alongside the large Swedish acquisition, waiting for many more to join.” Says Robin Knowles, EVP Portfolio Acquisition, Axactor.

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