Nordic Capital Fund VII acquires the leading providers of consumer financing and profiled insurance solutions to the retail sector in Sweden
July 13 2012
Nordic Capital Fund VII ("Nordic Capital") has today signed an agreement to acquire 55 per cent of Resurs Bank, Solid Försäkringar, Reda Inkasso and Teleresurs (together the "Companies"). This acquisition makes Nordic Capital the majority owner of the leading providers of consumer financing and profiled insurance solutions for the Swedish retail sector. The sellers are the families Westin, Schröder and Paulson. The Bengtsson family will stay on as co-owner together with Nordic Capital and will retain its current 45 per cent ownership.
The Companies will be combined into a new group with a service range covering consumer financing, profiled insurance solutions, contact centre services and debt collection, and will continue to be headquartered in Helsingborg. The banking and insurance divisions, Resurs Bank and Solid Försäkringar, are regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). The Companies had a total pro forma turnover of approximately SEK 2 billion in 2011 and total employees amounted to more than 400 pro forma in 2011.
"With Nordic Capital's stability, financial strength and long-term perspective, the companies will be well-poised to develop their businesses and further strengthen their positions in Sweden and throughout the Nordic region. I am pleased to welcome Nordic Capital as our new majority shareholder", says Kenneth Nilsson, CEO of Resurs Bank.
"As the leading providers of consumer financing and insurance solutions, these companies facilitate trade for consumers and retailers alike and play a key role in the Swedish retail industry. Nordic Capital is looking forward to working with the management team and the Bengtsson family in continuing to develop modern, customer focused services for the retail sector", said Christian Frick, Principal, NC Advisory AB, adviser to the Nordic Capital funds.
"We are pleased to join forces with Nordic Capital and look forward to developing these companies further together with them", says Martin Bengtsson, CEO of Waldir AB.
The parties have agreed not to disclose the terms of the transaction, except that the acquisition is conditional on approval by the competition authorities and the Swedish Financial Supervisory Authority.
SEB Enskilda Corporate Finance has acted as financial advisor to Nordic Capital Fund VII in the transaction.
For further information, please contact:
Katarina Janerud, Communications Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Phone: +46 8 440 50 69
Kenneth Nilsson, CEO, Resurs Bank
Phone: +46 73 661 20 60
About Resurs Bank AB
Resurs Bank is headquartered in Helsingborg and provides financial services to the retail sector and consumer financing solutions. Resurs Bank had a turnover of approximately SEK 1.1 billion in 2011 and an average number of approximately 190 employees (FTE) in 2011. For more information, please visit www.resurs.se.
About Solid Försäkrings AB
Solid Försäkringar is headquartered in Helsingborg and provides profiled insurance solutions to the retail sector as well as other consumer insurances. Solid Försäkringar had premiums earned of approximately SEK 1.0 billion in 2011 and an average number of approximately 75 employees (FTE) in 2011. For more information, please visit www.solidab.se.
About Reda Inkasso AB
Reda Inkasso is headquartered in Helsingborg and provides services in debt collection and related financial services. Reda Inkasso had a turnover of approximately SEK 30 million in 2011 and an average number of approximately 20 employees (FTE) in 2011. For more information, please visit www.redainkasso.se.
About Teleresurs i Sverige AB
Teleresurs is headquartered in Helsingborg and provides contact centre services such as customer service, order reception and sales. Teleresurs had a turnover of approximately SEK 60 million in 2011 and an average number of approximately 135 employees (FTE) in 2011. For more information, please visit www.teleresurs.se.
About Nordic Capital
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in the
Nordic region. Nordic Capital creates value in its investments,
through committed ownership and by targeting strategic development
and operational improvements. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. The most recent fund is Nordic Capital Fund VII
with EUR 4.3 billion in committed capital, principally provided by
international institutional investors, such as pension funds, asset
managers and insurance companies. Nordic Capital Funds are based in
Jersey, Channel Islands, and are advised by
the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. Additional information about Nordic Capital is available at www.nordiccapital.com.