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28 February 2017, 08:00 CET
Axactor enters the Swedish market through the acquisition of Profact AB
Axactor AB (publ.) ("Axactor") acquires Profact AB from Aptic AB. Profact offering credit management services and customer services in the Swedish market. The company will serve as a stepping stone for implementing the full collection value chain in Sweden and hence play an important role in Axactor’s Nordic roll-out plan.
Located in Gothenburg, Profact has built solid foundations for further growth within the debt collection and debt purchase market in Sweden. The company has approximately 35 FTEs and has delivered strong growth particularly in the Customer Service area over the last few years. The 2016 revenues were approximately 2 mEUR with a moderate margin. The company is operated by the CEO Fredrik Kessler who has 24 years’ experience in collection industry.
Axactor continues to establish a "Nordic value proposition". Through the acquisition of Profact, Axactor now has immediate access to the Swedish debt collection market. The company has a strong competence within the industry, particularly in the debt surveillance area, with Profact holding the necessary collection licence to collect on behalf of third party customers. Axactor, will as part of the transaction, sign a long term licence agreement with Aptic for the use of the Aptic core collection system in Sweden.
"We clearly see customers requesting Pan Nordic value propositions in the 3PC business and portfolio sales area. In addition, Sweden represents an attractive market in its own right due to favourable regulatory framework and the possibilities to perform automated and efficient collections. With a market size approximately double that of the Norwegian market and a regular flow of NPL portfolio sales, Axactor is ready to make a solid footprint in the Swedish market. Furthermore, the acquisition will give additional geographical diversification to the company" says Endre Rangnes, CEO of Axactor.
Fredrik Kessler, CEO at Profact, said: "Axactor and Profact will be a very good match in the Swedish market. Combining Profact's experience of the Swedish credit management industry, with Axactor's Organisational and Financial support, the company will offer comprehensive debt collection solutions in Sweden".
Axactor will pay 1,25 mEUR for 100% of the shares in Profact AB. Closing of the transaction is expected to be 28 February 2017, and the acquisition will be financed using the existing credit facility with DNB/Nordea and available cash.