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14 December 2016, 15:01 CET
Axactor enters 1st agreement to acquire unsecured Non Performing Loan (NPL) portfolio in Norway.
Axactor has entered an agreement to
acquire portfolios on a monthly basis from a large Nordic
Financial Institution. The portfolios will contain
freshly terminated B2C cases, allowing Axactor to manage the
cases throughout the whole collection process.
The portfolio transaction provides Axactor with a solid entry
to the Norwegian market and results from several key
discussions currently ongoing. The transaction will be
important to move the business into the hybrid model which is
core to Axactor's strategy and further build on this with
other portfolios in 2017.
"This portfolio not only increases our geographical profile
in portfolio acquisitions, but it also demonstrates our
ability to enter markets commonly perceived as closed to new
players. Using Axactor's focus on data and analysis, we
expect this to be one of many acquisitions over the coming
years", says Endre Rangnes, Axactor CEO.
"Axactor will now own portfolios in all existing markets,
showing strong commitment by the team to achieve this within
the first year of trading as a receivable management
business", says Robin Knowles, Axactor EVP Portfolio.
The acquisition will be financed by Axactor's available cash
and our existing credit facilities.
For further information, please contact:
Chief Executive Officer
Tel: +46 8 402 28 00
Cell Phone: +47 48 22 11 11
Chief Financial Officer
Cell Phone: +47 477 10 451
Axactor is addressing a large non-performing loan (NPL)
market in Europe. The market is estimated to around EUR 1.5
trillion and with a solid growth rate. The main growth
factors are partly driven by regulatory changes, sales
of non-performing loans and an accelerating trend of
outsourcing debt collection to specialized companies.
Furthermore, we see a consolidation trend in the debt
collection/debt purchase industry. Axactor's main focus in
the credit management value chain will be: amicable and legal
collection, surveillance and acquisition of NPLs.
Axactor was established in 2015 and has approximately 900