22/06-2018 07:00:01: (AXA) Axactor succeeds in closing one of the largest unsecured consumer forward flow agreements in Germany
Oslo, June 22nd, 2018
Axactor has secured a significant forward flow of fresh unsecured consumer
claims from a large financial institution. The forward flow is expected to
generate approximately 46 mEUR of outstanding debt across 28.000 cases, per
annum, with the contract covering a period of 24 months, renewable for a further
12 months. This acquisition is important for two reasons, firstly the claims are
very fresh and secondly, they generate a large volume each month, both of which
will lead to significant growth in Axactor Germany.
Doris Pleil, country manager Axactor Germany, commented "This acquisition marks
a tremendous step for Axactor in Germany, we are pushing into the fresh claims
market, where many financial institutions now focus their attention. The German
management team have invested a lot of time to penetrate this key segment, and
this deal is pivotal to revenue and margin growth in the years to come".
Axactor plans to make this acquisition through their jointly owned company Luxco
Invest I with Geveran and will finance the transaction using existing cash and
credit facilities.