Correction: Intrum Justitia acquires Belgian companies
Intrum Justitia has acquired the Belgian holding company Solutius Belgium NV,
which in turn owns two debt collection agencies in the Belgian market, Juri-Desk
and Krebes.
Juri-Desk is a B2C collection agency, while Krebes handles both B2C and B2B. The
companies have a total of 40 employees, revenues in 2007 of EUR 6.0 M and EBIT
of EUR 1.9 M. The acquisition strengthens Intrum Justitia's market-leading
position in the Belgian CMS market.
“Our Belgian operations have developed convincingly, with earnings exceeding the
Group's financial target,” says Michael Wolf, CEO of Intrum Justitia. “With
Juri-Desk's and Krebes' client base, combined with Intrum Justitia's market
position and established infrastructure, our Belgian operations will have all
the prerequisites to broaden their service offering and convince more clients to
outsource their CMS business.”
The purchase price is based on a valuation of EUR 18 M excluding net debt, which
produces valuation multiples below Intrum Justitia's. The large part of the
purchase price is attributable to goodwill. Apart from EBIT generated by the
acquired companies, significant synergies are expected as well. The acquisition,
including amortization of intangible assets, financing costs and other related
costs, is expected to have a neutral effect on net earnings in 2008 and a
positive net effect as of 2009. Key members of the acquired companies'
management will stay on as members of the local management team.
For further information, please contact:
Michael Wolf, CEO
Telephone: +46 8 546 10 210
Monika Elling, CFO
Telephone: +46 8 546 10 201, mobile: +46 705 12 02 01
Sophie Hammarskjöld, Communications Manager
Telephone: +46 8 546 10 203, mobile: +46 76 768 52 63
s.hammarskjold@intrum.com
Intrum Justitia is Europe's leading Credit Management Services (CMS) group, with
revenues of approximately SEK 3.2 billion and around 3,100 employees in 24
markets. Intrum Justitia strives to measurably improve its customers' cash flows
and long-term profitability by offering high quality in relationships with both
customers and debtors in each local market. The group offers a wide range of
services to manage commercial and consumer receivables. Intrum Justitia AB
(ticker IJ) is listed on the OMX Nordic Exchange in Stockholm, Mid Cap list. For
more information, please visit www.intrum.com
