STOCKHOLM, Sweden, Jan. 9, 2003 (PRIMEZONE) -- Intrum Justitia (Other OTC:INJJF) (Stockholm:IJ), Europe's leading Receivables Management Services Group and listed on Stockholmsborsen (Stockholm Exchange), has signed an agreement to buy two leading RMS companies in France, Cofreco and Jean Riou Contentieux, from the Fininfo Group. The acquisition makes Intrum Justitia the market leader in France.
Both Cofreco and Jean Riou Contentieux are well-known brands in the French market and their focus on consumer collection will further strengthen Intrum Justitia's position in the RMS market. The acquired companies' combined turnover in 2001 amounted to approximately EUR 8.4 million (approximately SEK 78 million). The current gross collection value amounts to over EUR 157 million. Together the companies employ 96 persons in its offices in Paris, Lyon, Nevers and Saint-Herblain. The parties have agreed not to disclose the purchase price.
"The acquisition is an important step in our strategy to be a leading player in all our local markets," said Bertil Persson, acting CEO of Intrum Justitia. "We are now moving up from being number three to take clear leadership in the French RMS market, a strategically important market for Intrum Justitia."
Pascal Labrue, Managing Director of Intrum Justitia France, said: "This deal will not only bring a strong position on the French market, but also competent management and staff that have a broad experience and valuable know how. Both companies have well-earned reputation in the market, and we look forward to continue the good relations with all our clients."
"The sale of our subsidiaries will allow Fininfo to focus on its core business and bring to our development extra resources," explained Lionel Habasque, Managing Director of Fininfo. "A partnership with Intrum Justitia France will allow both groups to consolidate their position on the French market."
For additional information, please contact: Bertil Persson, Tel: +46 8 546 10 200 Pascal Labrue, Acting CEO, Intrum Justitia Group Managing Director Intrum Justitia France Tel: +33 4 72 80 14 09 Anders Antonsson, Investor Relations Tel: +46 8 546 10 206 Mobile: +46 703 36 78 18 E-mail: a.antonsson@se.intrum.com
Intrum Justitia is Europe's leading Receivables Management Services Group. The Group has revenues of over SEK 2.7 billion and has about 2,700 employees in 21 European countries. In France the Group provides outsourcing services at all stages of the receivables management process to a diverse portfolio of clients, including well-known companies in the telecom, bank and insurance industry.
Intrum Justitia's objective is to be a leading provider of RMS in Europe through excellence in local client care, ledger administration and debt collection and by measurably improving clients' cash flow and long-term profitability. The Group offers efficient high quality management of commercial and consumer receivables in all phases in the RMS process. Intrum Justitia has a growth strategy and aims to take active part in consolidating its industry. Intrum Justitia is listed on Stockholmsborsen, the Stockholm Exchange, ticker IJ. For more information, please visit www.intrum.com
Cofreco and Jean Riou Contentieux have been part of Base d'Information Legales Holding SA, a subsidiary of Fininfo SA, since 1998. Both companies had an aggregated turnover of EUR 8.4 million in 2001 and have about 96 employees in France. They have developed a strong and solid know how in legal collection for consumer and commercial collection.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2003/01/09/20030109BIT00020/wkr0001.doc www.waymaker.net/bitonline/2003/01/09/20030109BIT00020/wkr0002.pdf