The portfolio contains approximately 15,500 accounts and has during the last twelve months generated a cash flow of approximately NOK 183 million (EUR 22 million). The purchase represents Aktiv Kapital‘s largest investment in 2008, the company said in a press release.
“This is a strategically important acquisition for Aktiv Kapital. We are acquiring a portfolio with cash flow, which reduces acquisition risk and increases our market opportunities. We believe that collection from the acquired portfolio will continue to be substantial when implementing Aktiv Kapital’s collection strategies,” said Erik Oyno, CEO and President of Aktiv Kapital Group.
The company has including this latest acquisition purchased portfolios representing a Face Value of NOK 9 501 million (EUR 1 196 million), with an accumulated acquisition cost of NOK 822.6 million (EUR 103.5 million).
“In the current financial turmoil we see a multitude of opportunities for Aktiv Kapital, relieving financial institutions of non-core assets and operations,” concludes Oyno.
After this acquisition Aktiv Kapital currently has NOK 900 million available for further acquisitions within the frame of the existing credit facility. (press release)
