Duna House acquires Polish loan broker
Duna House Groupʼs fully-owned subsidiary Metrohouse Franchise S.A. has signed an acquisition agreement in Warsaw, becoming the sole owner of Polish loan broker Alex T. Great Sp. z o.o. (ATG), according to a press release sent to the Budapest Business Journal.
Duna House says that the acquisition strengthens its position on the Polish market, while also increasing its volume of brokered loans by approximately 60% in Poland.
"We have closed the year 2019 with profits in Poland and we remain committed to the Polish market, so the acquisition of ATG is a logical next step for us," comments Guy Dymschiz, the president of the board of directors of Duna House Group. "We expect positive impact on profit after tax from the first quarter. Overall, management plans with a payback period of four to five years and trusts that the stronger market position will support the group’s further organic growth in Poland."
ATG is a major loan broker on the Polish market, with its volumes totaling PLN 676 million in the first three quarters of 2019 (approximately HUF 52.8 billion). The company specializes in financial brokerage including a wide range of products – from mortgage loans to business services and insurance.
The purchase price was PLN 4.3 mln (HUF 339.8 million at current exchange rates), according to the press release.
Duna House first entered the Polish market in 2016, via the acquisition of Metrohouse Franchise S.A. The company made its second acquisition in 2018, purchasing GoldFinance.
After the current transaction, more than 700 credit experts will operate under the group in Poland, who will continue the cooperation with the group’s local real estate broker network, Metrohouse. Duna House Group says that it is now capable of serving its clients with more than 120 Metrohouse and Gold Finance offices and more than 1,300 credit experts and real estate agents in Poland.
"Our goal is unchanged: we intend to upscale our leading role in the region and become a significant player on European levels. We plan to use further acquisitions to achieve that target," Dymschiz says.
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