Lowell, a leading European credit management services provider backed by the Permira funds and The Ontario Teachers’ Pension Plan, has entered into a definitive agreement to create the second largest credit management services company in Europe through the acquisition of 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 acquisition will create a leading pan-European credit management platform that benefits from significant scale and great regional, as well as business mix, diversification. Lowell continues to build on its strong track-record of inorganic expansion and sustainable growth across sophisticated, resilient European credit markets.
The transaction is subject to the approval of Lowell Group as purchaser by the European Commission, as well as customary competition and regulatory approvals. It is expected to close in H1 2018.
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