elo 8, 2019

Lowell to divest Estonian business unit

Europe’s second largest credit management company, Lowell, today announced the divestment of its Estonian business unit. The buyer is Estonian-based debt collection agency OÜ Julianus Inkasso.
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The Estonian business unit has been a very small part of Lowell Nordics’, mainly consisting of a local debt portfolio with some limited third-party collection services. With a new owner this business unit will join a group where it will form part of the new owner’s core business.

Lowell’s decision to divest is based on the ambition to focus on the core markets by creating value from business services, third party collection, debt purchasing and the related invoicing and information services. 

“This transaction allows us to focus on Denmark, Finland, Norway and Sweden and we’re very happy to sell our Estonian business unit to the Estonian market leader”, Lowell Nordic’s CEO Johan Agerman, commented.

“Julianus Inkasso has grown to quite a size, and we are happy to now have Lowell Estonia’s process management experience on our side as well. We’re looking forward to offering our clients an even more effective credit management service. In the last few years we’ve significantly boosted our IT capabilities and we hope to achieve substantial synergy that will help make our work more efficient for the full range of claims we deal with”, said OÜ Julianus Inkasso management board chairman Ülar Maapalu.

Lowell Estonia AS has 22 years of history of its own, making it one of the country’s leading debt collection agencies. It’s total income in 2018 was €1.77 million. The company employs 19 people.

In this transaction Lowell was advised by Sorainen and PwC.

Julianus Inkasso OÜ (www.julianus.ee) has been operating since 1995 and is Estonia’s leading credit management services company. It has subsidiaries in both Latvia and Lithuania. OÜ Julianus Inkasso, which employs 33 people in total, posted 2.47 million euros in turnover in 2018.

 

For further information please contact:

Petri Koivunen

Director, Lowell Estonia

Phone: +35840 846 0610

E-mail: petri.koivunen@lowell.com

Eveliina Nera

Communications Manager, Lowell

Phone: +35844 020 3622

E-mail: eveliina.nera@lowell.com

 

About Lowell

Lowell is one of Europe’s largest credit management companies with a mission to make credit work better for all. It operates in the UK, Germany, Austria, Switzerland, Denmark, Norway, Finland, and Sweden.

Lowell’s unparalleled combination of data analytics insight and robust risk management provides clients with expert solutions in debt purchasing, third party collections and business process outsourcing.  With its ethical approach to debt management, Lowell always looks for the most appropriate, sustainable and fair outcome for each customer’s specific circumstances.

Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. In 2018, Lowell completed the acquisition of the Carve-out Business from Intrum, which has market leading positions in the Nordic region.  It is backed by global private equity firm Permira and Ontario Teachers’ Pension Plan.

For more information on Lowell, please visit our investor website: www.lowell.com