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Investor could consider floating or selling Lindorff

19 Jul 2013

nordic_snow_170sqSwedish investment firm Investor said in its quarterly report that it could float or sell debt collector Lindorff.

Last month it was reported that 50 per cent owned Altor was planning to float the Oslo-headquartered company.

Investor CEO Börje Ekholm said, “Over the last few years, Lindorff has evolved into a leading European debt collection company with strong market positions among financial institutions in the Nordics, Germany, the Netherlands and Spain.

“We are seeing signs that operating leverage flows through to improving margins. Strategic options remain hypothetical at this stage but include that Lindorff becomes a listed or unlisted core investment or divested.”

Investor bought a 50 per cent stake in Lindorff in 2008, at which time the company had an enterprise value of €1.16bn.

The firm invested €360m including €335m in equity and convertibles and a further €25m in mezzanine debt.

Altor bought Lindorff from Norwegian insurance company Gjensidige in 2004 and then merged it with Finnish firm Contant.

Lindorff is expected to report an EBIDTA of more than €150m this year and has an enterprise value of €2.13bn. Between 2003 when Altor invested in Lindorff from its first fund and 2012 the business saw its EBITDA rise from €43m to €247m.

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