Nordic Capital Fund VII ("Nordic Capital") has today signed an agreement to acquire 55 per cent of Resurs Bank, Solid Försäkringar, Reda Inkasso and Teleresurs (together the "Companies"). This acquisition makes Nordic Capital the majority owner of the leading providers of consumer financing and profiled insurance solutions for the Swedish retail sector. The sellers are the families Westin, Schröder and Paulson. The Bengtsson family will stay on as co-owner together with Nordic Capital and will retain its current 45 per cent ownership.
The Companies will be combined into a new group with a service range covering consumer financing, profiled insurance solutions, contact centre services and debt collection, and will continue to be headquartered in Helsingborg. The banking and insurance divisions, Resurs Bank and Solid Försäkringar, are regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). The Companies had a total pro forma turnover of approximately SEK
2 billion in 2011 and total employees amounted to more than 400 pro forma in 2011.
"With Nordic Capital's stability, financial strength and long-term perspective, the companies will be well-poised to develop their businesses and further strengthen their positions in Sweden and throughout the Nordic region. I am pleased to welcome Nordic Capital as our new majority shareholder", says Kenneth Nilsson, CEO of Resurs Bank.
"As the leading providers of consumer financing and insurance solutions, these companies facilitate trade for consumers and retailers alike and play a key role in the Swedish retail industry. Nordic Capital is looking forward to working with the management team and the Bengtsson family in continuing to develop modern, customer focused services for the retail sector", said Christian Frick, Principal, NC Advisory AB, adviser to the Nordic Capital funds.
"We are pleased to join forces with Nordic Capital and look forward to developing these companies further together with them", says Martin Bengtsson, CEO of Waldir AB.
The parties have agreed not to disclose the terms of the transaction, except that the acquisition is conditional on approval by the competition authorities and the Swedish Financial Supervisory Authority.