Press
Investor acquires 50% of Lindorff
11.06.2008
Investor has acquired 50 percent of Lindorff Group AB ("Lindorff") for an enterprise value of EUR 1.160 m. At the same time Investor has entered into a partnership agreement with the previous majority shareholder Altor, which will remain a shareholder with 50 percent of the company.
Lindorff is the leading debt collection company in the Nordic region with a
growing European presence. The company is headquartered in Oslo and operates
in three major business areas; Payment (third party debt collections),
Capital (purchasing of primarily unsecured written off debts) and Support
Services (which includes credit scoring and invoicing services). In 2007
Lindorff had proforma sales of EUR 349 m.
Established in 1916, Investor is the largest industrial holding company in the Nordic region with a net asset value of b€ 16 and more than 130 portfolio companies.. Core investments consist of 9 international blue-chip companies such as ABB, SEB and Atlas Copco. Wallenberg foundations hold 46 percent of the voting rights and thus grant a stable ownership of Investor.
“With strong market positions in an industry with attractive underlying fundamentals, Lindorff fits Investor very well. Together with Altor, we look forward to contributing to the growth and expansion of Lindorff in its next phase of development”, says Lennart Johansson, Head of Operating Investments at Investor AB.
“Altor has been majority owners and worked with Lindorff management for almost five years. Lindorff is today the well positioned to capitalize on growth from increased credit losses, consolidation and geographic expansion in Europe. We have been searching for a partner to support us in the next era of Lindorff’s development. Investor brings the competence, network and credibility we need to support Lindorff on this journey and we look forward to work together going forward”, says Hugo Maurstad, Chairman of Lindorff and Partner of Altor Equity Partners.
Lindorff CEO Urs Baumann says:” We have a number of exciting challenges ahead of us. We have a highly capable organization and management team that with the support from Altor and Investor will enable us to pursue the growth strategy we have laid out for Lindorff in building a world-class provider of outsourced receivables management services. The new owners have complementary strengths that Lindorff can benefit from going forward.”
About Investor:
Investor AB is the largest industrial holding company in the Nordic region. For almost a century, Investor’s business concept has been to generate solid long-term returns by investing in companies with attractive potential for value creation. We are an active owner who applies our experience, knowledge and network to develop both listed and unlisted holdings and make them best-in-class. Investor conducts investment activities from Northern Europe, the United States and Asia.
For more information, please visit Investor homepage
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements.
For more information, please visit Altor homepage
About Lindorff:
Lindorff Group is a leading outsourced receivables management provider in Europe, and one of the leading on a global basis. Lindorff posted revenues of over MEUR 349 million in 2007 and has approx 2000 employees in Russia, Norway, Denmark, Sweden, Estonia, Latvia, Lithuania, The Netherlands, Finland and Germany.
For further information:
Lindorff:
Arve Paulsen, SVP Group Communications, Lindorff.
Mobile +47 90 11 70 05, E-mail: arve.paulsen@lindorff.com
Altor:
Hugo Maurstad, Partner in Altor Equity Partners and chairman of Lindorff Group.
Mobile +47 90104308
Investor AB:
Oscar Stege Unger, Vice President, Investor Relations
+46 8 614 2059, +46 70 624 2059
Fredrik Lindgren, Vice President, Corporate Communications
+46 8 614 2031, Mobile: +46 73 524 2031
Established in 1916, Investor is the largest industrial holding company in the Nordic region with a net asset value of b€ 16 and more than 130 portfolio companies.. Core investments consist of 9 international blue-chip companies such as ABB, SEB and Atlas Copco. Wallenberg foundations hold 46 percent of the voting rights and thus grant a stable ownership of Investor.
“With strong market positions in an industry with attractive underlying fundamentals, Lindorff fits Investor very well. Together with Altor, we look forward to contributing to the growth and expansion of Lindorff in its next phase of development”, says Lennart Johansson, Head of Operating Investments at Investor AB.
“Altor has been majority owners and worked with Lindorff management for almost five years. Lindorff is today the well positioned to capitalize on growth from increased credit losses, consolidation and geographic expansion in Europe. We have been searching for a partner to support us in the next era of Lindorff’s development. Investor brings the competence, network and credibility we need to support Lindorff on this journey and we look forward to work together going forward”, says Hugo Maurstad, Chairman of Lindorff and Partner of Altor Equity Partners.
Lindorff CEO Urs Baumann says:” We have a number of exciting challenges ahead of us. We have a highly capable organization and management team that with the support from Altor and Investor will enable us to pursue the growth strategy we have laid out for Lindorff in building a world-class provider of outsourced receivables management services. The new owners have complementary strengths that Lindorff can benefit from going forward.”
About Investor:
Investor AB is the largest industrial holding company in the Nordic region. For almost a century, Investor’s business concept has been to generate solid long-term returns by investing in companies with attractive potential for value creation. We are an active owner who applies our experience, knowledge and network to develop both listed and unlisted holdings and make them best-in-class. Investor conducts investment activities from Northern Europe, the United States and Asia.
For more information, please visit Investor homepage
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements.
For more information, please visit Altor homepage
About Lindorff:
Lindorff Group is a leading outsourced receivables management provider in Europe, and one of the leading on a global basis. Lindorff posted revenues of over MEUR 349 million in 2007 and has approx 2000 employees in Russia, Norway, Denmark, Sweden, Estonia, Latvia, Lithuania, The Netherlands, Finland and Germany.
For further information:
Lindorff:
Arve Paulsen, SVP Group Communications, Lindorff.
Mobile +47 90 11 70 05, E-mail: arve.paulsen@lindorff.com
Altor:
Hugo Maurstad, Partner in Altor Equity Partners and chairman of Lindorff Group.
Mobile +47 90104308
Investor AB:
Oscar Stege Unger, Vice President, Investor Relations
+46 8 614 2059, +46 70 624 2059
Fredrik Lindgren, Vice President, Corporate Communications
+46 8 614 2031, Mobile: +46 73 524 2031
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Press contact
Arve Paulsen
- SVP Group Communications
- Phone: +47 23 21 18 18
- Mobile: +47 90 11 70 05
- Fax +47 23 21 11 00
- arve.paulsen@lindorff.com
