Agreement signed to acquire leading debt purchaser in Bulgaria and Romania (BTOH)2016-05-09
Ultimo Netherlands BV, a fully owned subsidiary of B2Holding AS, has entered into an agreement to acquire 100% of the shares of Debt Collection Agency AD ("DCA").
DCA was established in 2010 by the two current owners, Martin
Despov and Nikolina Stancheva, and has since its inception
become one of the top two debt purchasers in Bulgaria. DCA
has been registered as a financial institution since 2011,
and operates under the supervision of the Bulgarian National
Bank. In 2013, DCA established a fully owned subsidiary in
DCA has 134 employees in Bulgaria and 25 employees in
Romania. DCA is focused on purchase and collection of
unsecured retail portfolios, and has acquired portfolios with
a nominal value as of today of approximately EUR 180 million
with an Estimated Remaining Collection ("ERC") of EUR 40
million. In 2015, the company had collection revenues of EUR
5.9 million and a net profit of EUR 1.9 million.
With the acquisition of DCA, B2Holding has secured a strong
platform for further growth in two of the largest markets in
the Balkan region. It is expected that the Bulgarian non-
performing loan ("NPL") market will see significant growth in
activity going forward. The Romanian market is currently the
largest market for NPL transactions in the Balkan region, and
with the acquisition of DCA, B2Holding will be well
positioned for further growth in the Romanian market. The
acquisition of DCA is in line with B2Holding's strategy to
gain local presence before or as a part of acquiring
portfolios in new geographical areas.
"We are very impressed with what the founders of DCA have
achieved since its establishment in 2010. After spending time
with the management of the company, we are convinced that we
have an excellent organisation in place to further grow the
business of DCA and B2Holding in Bulgaria and Romania" says
Olav Dalen Zahl, CEO of B2Holding.
The transaction is expected to close during the second
quarter of 2016.
For enquiries regarding the transaction please contact:
Olav Dalen Zahl
CEO, B2Holding AS
Telephone: +47 90 98 63 86
Director Strategy and M&A, B2Holding AS
Telephone: +47 95 25 58 42