The Altor Funds (Altor) and Investor have signed an agreement to divest the majority of their holdings in Lindorff to Nordic Capital for an enterprise value of EUR 2.3bn, of which a conditional shareholder note of EUR 200 million.
Lindorff was acquired by Altor in 2004. In 2008, Investor AB acquired 50% of the company.
Lindorff’s strategy has been to be the preferred collection partner for Banks and Financial Institutions and leverage its scale across markets to provide world class debt collection services in all countries.
During the last 10 years Lindorff has continuously expanded its geographic presence, first to become a true Nordic market leader, and later to gain the same position in Germany, Spain and the Netherlands. In this period, revenues have grown with approximately 2.5 times.
“It has been a privilege to work with Lindorff over the last ten years. The company has developed from a local Norwegian player to become Europe’s leading debt collection company with operations in 11 countries. Through focus and continued investment in product and productivity development, Lindorff has become the preferred partner for large European banks”, says Hugo Maurstad, Chairman of the Board of Lindorff Group and Partner at Altor Equity Partners, the investment advisor to the Altor Funds.
“Lindorff benefits from a strong position in the mature Nordic markets where we have developed a comprehensive strategy and an integrated approach to debt collection. We now use this model as a base for our growth in continental Europe to help banks deal with their non-performing loans.We are experiencing very strong growth, and with our new owner, who has a strong track record in the financial industry, we get access to in-depth knowledge, network and additional capital to pursue our growth strategy”, says Endre Rangnes, CEO at Lindorff Group.
Altor has held 42 percent of the capital and 50 percent of the votes while Investor has held 58 percent of capital/50 percent of votes.
Altor and Investor will retain an equity stake in Lindorff of a maximum EUR 315 million, of which Altor will hold 42 percent.
The transaction is subject to approval from the relevant competition authorities and is expected to be completed during the fourth quarter 2014.
For further information:
Hugo Maurstad, Partner Altor Equity Partners, +4790104308
Tor Krusell, Head of Communications Altor Equity Partners, +46705438747
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.1 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. The aggregated turnover of the current portfolio companies is more than EUR 20 billion and the companies have more than 30 000 employees. Among current and past investments are Apotek Hjärtat, Carnegie, EWOS, Wrist Group, Helly Hansen, Dustin and Byggmax. altor.com