Lindorff Group, the leading full-service European credit management service provider, strengthens and expands its leading position in the European market by signing an agreement with affiliated funds of Centerbridge Partners, L.P. (“Centerbridge”) and other current shareholders of Aktua Soluciones Financieras Holdings, S.L. (“Aktua”) to acquire 94% of the shares of the Aktua Group. Banco Santander will maintain a shareholding in the company. The transaction implies an enterprise value of EUR 313m for Aktua, including deferred and contingent consideration.
With the acquisition of Aktua, Lindorff significantly strengthens its secured non-performing loans servicing business, and opens up a new segment by bringing in Europe-leading capabilities in the REO (real estate owned) area to Lindorff.
Aktua is a leading multi-client servicer focused on secured debt and real estate assets in Spain offering end-to-end services across the entire NPL (non-performing loan) and REO servicing value chain. This includes loan servicing, real estate services as well as investment advisory of financial institutions and international investors. Founded in 2008 the company has a staff of over 400 employees and a network of over 20 offices across the country. The company holds long term contracts with a variety of leading financial institutions in Spain.
- Spain is a growth market and important for Lindorff, says CEO Klaus-Anders Nysteen. - This transaction gives us a strong platform in the REO servicing market in Spain and brings new capabilities to pursue further growth in the secured non-performing loans area in Spain and subsequently in other markets, says Nysteen.
- We are very pleased to join Lindorff Group. With the support and international expertise of Centerbridge and our other shareholders, Aktua has built a recognized leader in the Spanish NPL servicing business. Now, we see attractive opportunities in pursuing further growth in co-operation with Lindorff’s Europe-leading NPL servicing business and broad footprint, says Enrique Dancausa, CEO of Aktua. - Lindorff is the leading European player and we are excited about seeing great opportunities by joining a truly international team, says Dancausa.
- We are pleased to conclude this successful partnership with Aktua and its management team with this transaction, says Ben Langworthy, Centerbridge Co-Head of Europe. Aktua’s development and growth has validated our original investment thesis and our belief in, and commitment to, the Spanish market. We look forward to watching the future success of the company under its new ownership.
Aktua and its subsidiaries will be designated as unrestricted subsidiaries pursuant to the indentures governing the outstanding notes of Lock Lower Holding A/S and Lock A/S, as well as under Lindorff Group’s revolving credit facility. The purchase price and the refinancing of the existing indebtedness of the Aktua group will be financed through an equity investment by the Lindorff Group as well as the roll-over of the existing credit facilities of Aktua amounting to approximately EUR 195m subject and pursuant to a change of control waiver process which is currently still ongoing. In addition, a portion of the purchase price will be financed with the proceeds of a new PIK (Payment in Kind) loan facility of EUR 30m borrowed at a parent company of the Aktua Group, which is also an unrestricted subsidiary under the foregoing indentures and revolving credit facility. The acquisition is expected to complete in Q2 2016. Completion of the acquisition is subject to customary closing conditions.
For more information:
Rune Kibsgaard Sjøhelle, Head of Group Communications +47 40200210
André Adolfsen, Head of Investor Relations +47 93019150
Founded in 1898, Lindorff is the leading full-service European credit management service provider, offering services within debt collection and debt purchase as well as payment and invoicing services.
The company has 3700 employees in 13 countries with headquarters in Oslo, Norway. In 2015 Lindorff generated EUR 534 million in net revenue (2014: EUR 475 million).
Lindorff is majority owned by Nordic Capital Fund VIII. www.lindorff.com