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Lowell to acquire carve-out business from Intrum PDF Print E-mail
Thursday, 02 November 2017
Lowell, a European leader in credit management services backed by the Permira funds and Ontario Teachers’ Pension Plan, has today entered into a definitive agreement to acquire the carve-out business from Intrum. The carve-out comprises Lindorff’s entire business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s entire business in Norway and was specified by the European Commission as a condition of the combination of the two companies earlier this year.  

The transaction is valued at EUR 730 million on an enterprise value basis and is subject to the approval of Lowell as purchaser by the European Commission, as well as customary competition and regulatory approvals. It is expected to close in H1 2018. The acquisition is expected to be funded through a combination of new debt issuance and equity.

Combining the two businesses fits well with Lowell’s strategic objective to develop sustainable competitive advantage across Europe in chosen markets and to support continued growth. The transaction will create one of the largest credit management service providers in Europe and make Lowell a market leader across the Nordic region.

Lowell’s expertise, management and financial resources, alongside this group’s strong business mix, rich talent and regional reach, provide the combined group with excellent opportunities to drive further growth and diversification in a highly developed, data-rich credit market.

The combined business will benefit from greater scale and diversification in terms of broader geographic reach and a more balanced revenue mix together with a complementary and client-focused product offering.

Lowell and the carve-out business share an overarching commitment to a fair and principled business approach that puts people at the heart of the culture, whether that is clients, consumers or colleagues. This shared, values-based approach will be central to our integration and provide consistency to our vision: to be the best in our field. For clients. For consumers. Europe-wide.

James Cornell, CEO Lowell, said: “I’m pleased to be extending the Lowell family today. Our shared commitment to innovation and best practice for consumers and clients alike, will significantly strengthen our service proposition across the credit management value chain.

“I believe that the combination of our operations and cultures is highly compelling and, together, I am convinced that we can continue to drive growth across one of Europe’s most sophisticated credit markets through our combined expertise and experience.”

Trond Brandsrud, CEO carve-out business, said: “We are excited to welcome our new owners and to become part of Lowell. This means getting an owner with deep expertise and a strong standing within our industry. The combination of the two of us will be extremely compelling.”
 

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