Combination of Lindorff and Intrum Justitia completed creating the industry leading provider of credit management services
June 27 2017
Today, June 27, 2017, the combination of Intrum Justitia and Lindorff has closed. All subsidiaries of Lock TopCo AS (parent company of the Lindorff Group) are fully owned by Intrum Justita AB (publ). CEO & President of the combined business will be Mikael Ericson, as communicated on June 9, 2017.
On June 12, 2017 the European Commission approved the combination of Intrum Justitia and Lindorff. The approval is conditional upon the divestment of Lindorff's operations in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia's operations in Norway, as communicated on May 18, 2017.
The combination of Intrum Justitia and Lindorff creates a leading provider of credit management services (CMS) with local presence in 23 markets across Europe and a team of around 8,000 employees that are comitted to promote a sound economy.
"This is a milestone, not only for these two great companies, but for all of the CMS industry. By joining forces, both local and global clients will benefit from our pan-European platform, enhanced service offering, innovative solutions and best in class compliance. I am truly excited that we have come to this day and I really look forward to leading this company," says Mikael Ericson, CEO & President of the combined company.
"I am very pleased that the combination of these two strong companies has now been completed. Together, Intrum Justitia and Lindorff will form a market leader that will be able to deliver significant value to clients, shareholders and society by creating a very well-positioned and respected player in our industry both in terms of skill and geographic spread," says Lars Lundquist, Chairman of the Board in Intrum Justitia.
"This combined company will be a leading force in shaping the future of credit management services. Nordic Capital looks forward to continuing to support the combined business as a listed company and sees strong potential for further value creation," says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.
In connection with the completion of the transaction, the current Board of Directors in Intrum Justitia has, by using the authorization of the Extraordinary General Meeting of December 14, 2016, resolved to issue 59,193,594 new shares at a subscription price of SEK 296.70 per share to the owners of Lindorff, after which they own 45% of the shares in Intrum Justitia, as announced in December 2016.
In connection with the share issue Intrum Justitia has issued a prospectus, which will be approved by Finansinspektionen around 28 June, 2017. The prospectus will be published on Intrum Justitia's website, www.intrum.com.
Lindorff will be consolidated into the financial statements of Intrum Justitia from June 30, 2017.
Katarina Janerud, Communication Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
About Intrum Justitia:
Intrum Justitia offers comprehensive services, including purchase of receivables, designed to measurably improve clients' cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 4,200 employees in 21 markets. Consolidated revenues amounted to SEK 6.1 billion in 2016. Intrum Justitia AB is listed on Nasdaq Stockholm since 2002. For further information, please visit www.intrum.com
Lindorff has been in the business of helping people manage credit for over 100 years. Its headquarters are located in Oslo, Norway, the same city as Eynar Lindorff founded the company back in 1898. Today it has 4,400 people in 12 countries across Europe helping customers back to a life of sustainable spending. Nordic Capital Fund VIII is a majority shareholder in the company which offers services within debt collection and debt purchase as well as payment and invoicing services. In 2016 Lindorff generated EUR 647 million in net revenue (2015 EUR 534 million). For further information, please visit www.lindorff.com
About Nordic Capital:
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com