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News & Media

Press releases, articles and news about the company will be continuosly published on this page.

Axactor has purchased its first secured transaction in Spain

Axactor has purchased its first secured transaction in Spain.

The portfolio is being sold by a large financial Institution and contains roughly 600 assets with an Appraisal Value of around €50m. This purchase will allow Axactor to access another large and growing market, where the existing business in Spain already has some of the competencies required to manage large volumes both on its own portfolios as well as for third party clients. The diversification is expected to offer significant opportunities given the continued trend in portfolio sales to include a variety of asset classes, both when Axactor is investing on it’s own or as part of a co-investment, where including secured assets will make certain investments more attractive.

"This transaction has been an exciting project to expand the Axactor model beyond the unsecured space and to allow the business to benefit from the broader NPL market, not only in Spain but also potentially across other European markets. This level of diversification will allow the business to maintain the focus on delivering healthy margins through access to a much broader number of opportunities coming to market over the coming years. ", says Endre Rangnes, CEO Axactor.

"The Axactor team in Spain is delighted to close the first Secured transaction for Axactor, demonstrating clearly the determination of the team to develop the business across all NPL segments. The team are also highly motivated to move into this new asset class, increasing the profitability both on our owned assets and for our third party servicing business.", says Andrés López and David Martín, General Managers of Axactor Spain.

This transaction will be funded from existing cash and credit lines.

Axactor acquires unsecured Non Performing Loan (NPL) portfolio in Germany

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 € 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.

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.

Axactor AB - Completed Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART  DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED  STATES  

Oslo, 23 May 2017 - The Board of Directors of Axactor AB (Axactor or  the Company) has decided to issue 50 million new shares through a  private placement (the Private Placement), raising total gross  proceeds to the Company of approximately NOK 107.50 million. The  shares are issued at a price of NOK 2.15 per share, which is equal  to the closing price on May 22, 2017.

The Private Placement was based on strong interest from high quality  institutional investors. These investors both support the Company  today through the share-issue, but also potentially longer-term as  the Company pursues strategic growth initiatives. Axactor has  experienced a high deal flow in the market lately and also noticed a  recent increase in size of portfolio opportunities, highlighting the  need to be well-funded and supported by strong shareholders.   

The net proceeds from the Private Placement will be used for  acquisitions of non-performing loan portfolios in existing  geographies, as well as for general corporate purposes.  

Notification of allotment will be sent to the applicants by Carnegie  (as the Manager) on or about 23 May, 2017.  

The new shares will be issued under the Company's existing authority  to issue shares, adopted by the annual general meeting in 2016.  Following the registration of the new share capital, the Company  will have 1,276,488,769 shares outstanding and a total share capital  outstanding of EUR 66,814,382.05.   

The share issuance was carried out as a private placement to secure  completion of a transaction at a time when specific interest  surfaced in the market and in order to complete a transaction  without the significant discount typically seen in rights issues.  Additionally, Axactor recognizes the benefit in further developing  the Company's shareholder base.  

As a consequence of the private placement structure, the  shareholders' preferential rights were deviated from. After due  considerations, the Board of Directors of the Company is of the  opinion that the Private Placement is in the best interest of the  Company and its shareholders. The Board of Directors has taken into  consideration, among other things, the fact that the Private  Placement will further strengthen Axactor's financial position and  support the Company in its continued pursuit of growth  opportunities, that the Private Placement only constitutes 4.08% of  the issued and outstanding shares in the Company, and the fact that  the subscription price is equal to the current market price of the  shares. The Board of Directors is of the opinion that there are  sufficient reasons to deviate from the shareholders' pre-emption  right to subscribe for the new shares.   

Carnegie acted as financial adviser to the Company in connection  with the Private Placement.  

 

Axactor increases existing loan facilities

On May 5,  2017 the 4th tranche under the Recurring Credit Facility which Axactor has with DNB Bank ASA and Nordea Bank AS was made available to the company.
Simultaneously the tranche was increased to EUR 45 million thereby increasing the available amount under the facility from EUR 100 million to EUR 120 million.
 
Furthermore NPL credit lines from regional banks in Italy have been increased to a total of EUR 55 million, and increase of EUR 25 million since the acquisition of CS Union.
 
For additional information, please contact:  
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +4747710451
Email: geir.johansen@axactor.com
www.axactor.com 

Axactor closes two NPL transactions in Italy

Axactor has acquired another two unsecured NPL portfolios in Italy, the portfolios are Auto finance shortfalls, including unsecured claims with a total Outstanding Balance (OB) of approximately €22 million, across 2,500 cases. 

Both portfolio transactions are from Financial Institutions which Axactor has acquired from previously and Axactor is delighted to have been able to build on the existing relationships acquired through the purchase of C.S Union Spa in 2016.

“These acquisitions demonstrate our ability to work closely with existing clients to grow the Axactor business in Italy, complementing our activities focused on adding new clients as we move through 2016 ”, says Davide Graneris, Country manager, Axactor Italy.

“These portfolios, continue to improve and grow the assets under management in our Italian business and we expect these to be the first of several transactions in 2016”, says Robin Knowles, Portfolio Acquisition EVP, Axactor Group.

The investments will be 100% financed by Axactor’s existing credit facilities provided by the company’s Italian banking partners.

Axactor has signed three major third party collection contracts with Financial Institutions in Spain

Axactor has signed 3 new servicing contracts with 2 large Financial Institutions and a Large Fund specializing in Receivables management and Debt Purchase. The one year renewable contracts have a total revenue value of circa five million euros over the next 12 months.

"The Agreements represent a clear indication that Axactor is able to provide an effective and comprehensive legal and collection service to Financial Institutions, covering Retail, Banking and SME products in Spain. The Axactor team is very focused on ensuring they tailor solutions to meet each clients specific needs and hope these contracts will be the first of many during the current financial year." Says Andrés López and David Martín, Country Managers of Axactor Spain.

Axactor acquires a large unsecured non-performing loan (NPL) portfolio from Bank Norwegian in Sweden

Axactor has acquired the largest unsecured NPL portfolio since starting up in the fourth quarter of 2015. The portfolio is originated by Bank Norwegian in Sweden and includes unsecured credit with a total Outstanding Balance (OB) of approximately € 105 million, across close to 15,200 thousand open accounts of individual loans and credit card debt. This portfolio acquisition will increase Axactor’s ERC by more than 30%.

The portfolio transaction is another primary market purchase, which will secure a significant increase in the existing cash collection, generated by Axactor’s owned portfolios.

“This is our largest portfolio acquisition ever and will quantum leap our business in Sweden, contributing to the strong and profitable revenue growth in 2017 and future years. This Portfolio reinforces Axactor’s commitment to making Sweden a key market within the Group. We are very honoured by the confidence Bank Norwegian has shown in Axactor by granting us this contract.”, says Endre Rangnes, Axactor CEO.

“This acquisition demonstrates Axactor’s ability to close key large portfolio purchases in the Nordics. Taking account of the strong portfolio pipeline outside of this transaction, we can expect many more to follow across the group in 2017.”, says Robin Knowles, Axactor EVP Portfolio.

The investments will be financed by Axactor’s available cash and our existing credit facilities with a 50/50 split of equity/debt. Closing of the transaction is expected to be 21st April.

Axactor enters 1st agreement to acquire unsecured non-performing loan (NPL) portfolio in Sweden.

Axactor has extended an agreement to acquire portfolios from a large Nordic Financial Institution, to cover the Swedish market as well as Norway. The portfolio will be acquired on a similar basis to Norway, where the cases are acquired monthly. The cases are freshly terminated B2C, allowing Axactor to have control over the entire collection process.

This first NPL transaction in Sweden will have a single digit mEUR annual capex value. Further, given the strong pipeline it is expected that Axactor will significantly increase its position in Sweden during 2017.

"This portfolio clearly shows Axactor's focus on investing in portfolios across all Axactor geographies as well as showing our ability to build strong relationships with partners in more than one country. The expectation is for this trend to continue over the next few years.", says Endre Rangnes, Axactor CEO.

"Acquiring our first portfolio in Sweden so soon after acquiring the platform, clearly demonstrates the emphasis that the portfolio team put on supporting the overall Axactor growth strategy.", says Robin Knowles, Axactor EVP Portfolio.

Axactor plans to finance this acquisition by use of available cash existing credit facilities.

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.