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|LOWELL GFKL Group acquires the Austrian market leader in third party collections|
|Thursday, 28 April 2016|
Lowell GFKL Group, a European leader in credit receivables management, today announces that it entered into an agreement to acquire IS Group Management GmbH (trading as IS Inkasso Service) from majority shareholder HANNOVER Finanz. Closing is expected at the end of May, subject to anti-trust approvals. IS Inkasso Service is the Austrian market leader in third party collections (3PC) with a strong Swiss business.
The acquisition adds a third, highly attractive market position to the Lowell GFKL Group which is an important step towards becoming a pan-European leader in credit receivables management. It also extends the diversification of the regional and business mix in the Group’s portfolio as it increases the share of revenues from servicing.
The combination of Lowell GFKL and IS Inkasso Service concludes a long-standing relationship between the two businesses and allows the Group to serve its clients across the entire German speaking region, offering its combined portfolio of receivables and risk management services. The Lowell GFKL Group brings several highly complementary competences to IS Inkasso Service, including the ability to purchase debt portfolios using an industry leading pricing platform and to further improve collection success rates through data analytics.
The senior management team of IS Inkasso Service around Christian Kren, Wolfgang Affenzeller and Walter Niedermayr, will stay in place and is highly motivated to bring the benefits of becoming part of Lowell GFKL to its clients in the Austrian and Swiss markets.
Christian Kren, Managing Director of IS Inkasso Service, said: “The combination of IS Inkasso Service and the Lowell GFKL Group is an important milestone in our relationship and the start of an exciting common future. The combination is a win-win, since it allows us to further enhance our customer service through offering debt purchase in Austria. We have the opportunity to benefit from Lowell GFKL’s industry leading expertise in this area.”
Kamyar Niroumand, Chairman of the GFKL Supervisory Board, stated: “We are looking forward to joining forces with IS Inkasso Service to serve our customers across the entire GAS region. We know the IS Inkasso team well after working together for several years and we have built a great relationship. Today I am thrilled to welcome them to the GFKL Lowell family”
James Cornell, CEO of the Lowell GFKL Group, added: “The combination enables us to further diversify the Group whilst moving into a very attractive growth market which we know very well already. The acquisition is highly strategic as it further develops our position as a pan-European player whilst yielding significant synergies.”
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