Reference is made to the stock exchange release by B2Holding ASA at 16:37 on 13 March regarding the potential acquisition of a new platform in Western Europe.
B2Holding has today signed and closed an agreement for the acquisition of 100% of the shares of Negociation et Achat de Creances Contentieuses (NACC).
NACC is one of the leading players in France within debt purchase and servicing. NACC was established in 1993 and has strong client relationships with most of the large French banks. NACC currently has around 80 full time employees, with its headquarter in Paris and additional offices in Brest and Bordeaux.
About 90% of revenues come from collection on owned portfolios, while the remaining revenues come from third party debt collection. NACC has a strong position and expertise within larger secured claims ("PVR" claims). At closing, NACC had an Estimated Remaining Collection ("ERC") of approximately EUR 115 million of which a majority consists of PVR portfolios.
The acquisition of NACC represents an Enterprise Value of approximately EUR 90 million at closing, and the acquisition will be financed by available financial resources. Part of the transaction is based on an earn-out agreement with senior management over 4 years.
With the acquisition of NACC, B2Holding has secured a strong platform for further growth in one of the larger markets for NPLs in Europe.
"We are very pleased to see NACC become part of the B2Holding Group. The French NPL market is characterized by relatively few established players compared with its size, and we expect an increasing NPL sales activity in France going forward. With this acquisition, B2Holding has further strengthened its footprint in Western Europe, and we believe that NACC is an excellent platform for further growth in France. The founder and President, Mr. Christian Roche, has built a very good company that shares the values of B2Holding, and Christian and his team are very committed to grow the company further together with B2Holding" says Olav Dalen Zahl, CEO of B2Holding.
"We are really excited to become part of the B2Holding Group. The French market has a total NPL volume of close to EUR 60 billion, and the portfolio sales activity is increasing. Together with our new owner we believe NACC is very well positioned to be one of the leading players in the French market going forward" says Mr. Christian Roche, founder and President of NACC.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
For enquiries regarding the transaction, please contact:
Olav Dalen Zahl
CEO, B2Holding ASA
Mobile: +47 909 86 386
Email: odz@b2holding.no
or
Rasmus Hansson
Director M&A, B2Holding ASA
Mobile: +47 952 55 842
Email: rh@b2holding.no
