Intrum Justitia to acquire UK debt purchaser
This is a duplicate of the Blog Entry made on: 11th November 2016 16:57
European credit management group Intrum Justitia is to acquire UK debt purchaser 1st Credit from private equity firm Bridgepoint, for an enterprise value of £130m. Intrum intends to retain the existing UK management team at 1st Credit, led by chairman Leith Robertson and chief executive Eddie Nott. The acquisition is subject only to regulatory consent. Mikael Ericson, president and chief executive of Intrum, said: “By acquiring 1st Credit, we strengthen our ability to service clients in the financial industry and we take another important step towards accelerating the growth of Intrum Justitia. “The UK market is one of the largest and most developed in Europe. With 1st Credit, we acquire a strong unit with a solid organization which we believe can grow into one of the market leaders in the UK in the coming years.” Headquartered in Reigate, 1st Credit was acquired by Bridgepoint in 2004. It has more than 100,000 customers and arrangements of more than £300m. In 2015 it increased collections revenue by 18 percent to £50.1m and reported EBITDA of £33.2m, up from £27.3m in 2014. The company also holds a position on all major debt purchase panels in the UK.,.....Read more here