Intrum Justitia, a European credit management services company, has acquired Nice Invest Nordic AB, a Sweden-based debt-buying firm for a total price of approximately $42.5 million. The acquisition includes an existing portfolio and an agreement covering forward-flow debt purchasing contracts.
“Activity in the market for investment in purchased debt portfolios has increased towards the end of 2010 and we believe there will continue to be favorable opportunities for attractive investments over the next few years. Our objective is to increase our rate of investment in this area and the acquisition of Nice Invest Nordic is naturally a good indication that we are on the right path,” says Lars Wollung, president and chief executive at Intrum Justitia AB.
The acquisition will allow Intrum Justitia to build operations in Sweden and Finland. Nice Invest Nordic’s customers primarily are post-order and e-trading companies.
"We are now strengthening our position in the e-trading segment considerably. In addition, we are increasing our revenues in purchased debt, which is an important objective for us,” adds Rickard Westlund, Intrum Justitia's regional managing director in Northern Europe.
Intrum Justitia was founded in 1923, and has an estimated 3,100 employees in 22 countries.