Axactor (AXA) makes a strategic move in the Norwegian market - acquires the Norwegian debt collection company IKAS
PRESS RELASE DATED 2016-03-17
Axactor AB (publ) has signed an agreement to acquire 100% of the shares in the debt collection company IKAS for NOK 291 million, with 70 % settlement in cash and 30% in Axactor shares. With this acquisition Axactor establishes a debt collection and portfolio acquisition platform in the Norwegian market.
"The acquisition of IKAS is in line with our strategy to establish credit management operations in growth markets through acquisitions of well managed companies positioned for capturing market opportunities. IKAS was our first choice among players in Norway, and will now be strengthened with resources, expertise and access to capital, that will strengthen Axactors position in a growing market", says Endre Rangnes, CEO of Axactor.
IKAS was founded in 1988 by Kjell Reiersrud and has over the last five years doubled the turnover to NOK 91 million and with an operating margin of approximately 30% in 2015. The company has 70 employees and offices in five Norwegian cities. Before today's acquisition IKAS has been a privately owned company.
"At IKAS, we are today very happy and motivated to embark on the next phase of the company's development. Together with our new owners, we are looking forward to develop the company to become a leading player in the Norwegian market for credit management and debt portfolio acquisitions. Axactor�s ownership allows us to accelerate the development of the company, and with our expert staff, we will be able to contribute to further growth for Axactor. As general manager for 18 years and one of several shareholders in IKAS, I look forward to continue to lead IKAS and to become a shareholder in Axactor "says Frode Reiersrud, general manager of IKAS.
In December 2015 Axcator acquired the company ALD Abogados in Madrid, Spain and has since more than doubled its turnover and number of employees in the Spanish market. Axactor has since January 2016 acquired portfolios of non-performing loans in Spain with total outstanding debt corresponding to NOK 4.9 billion. Axactor currently has approximately 200 employees in Spain.
"Axactor continues the efforts to implement the strategic plan that has previously been communicated to the market, and we have identified several potential acquisition candidates and a substantial number of debt portfolios in strategically designated European countries. With our experienced management team, support from our shareholders, efficient cost structure and competitive financing, we are well positioned to deliver on our strategic ambitions" says CEO Endre Rangnes.
For further information:
Geir Johansen, CFO & Investor Relations, +47 47710451
About Axactor: Axactor is a newly established company in the market for credit management services. The company has a Nordic base and an ambitious pan-European growth strategy, which targets the market for non-performing loans in Europe. This market is estimated to about 1 500 billion euros, and Axactor's main focus is debt collection and purchase of NPL portfolios. As a first step in the pan-European growth strategy Axactor acquired the company ALD Abogados in December 2015. ALD Abogados is a leading debt collection company in Madrid with 120 employees, and has in addition a call center with 80 employees in Valladolid, Spain.
About IKAS: IKAS is one of the fastest growing companies in the debt collection industry in Norway. The company has for several years been working on innovation and product development, and currently delivers market leading and modern payment solutions for selected industries. The company was established in 1988 and currently has about 70 employees with offices in five Norwegian cities.
Cautionary Statement: Statements and assumptions made in this document with respect to Axactor AB�s (�Axactor�) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Axactor. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Axactor operates; (ii) changes relating to the statistic information available in respect of the various debt collection projects undertaken; (iii) Axactor�s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential partners, ventures and alliances, if any; (v) currency exchange rate fluctuations between the SEK and the currencies in other countries where Axactor or its subsidiaries operate. In the light of the risks and uncertainties involved in the debt collection business, the actual results could differ materially from those presented and forecast in this document. Axactor assumes no unconditional obligation to immediately update any such statements and/or forecasts.
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