Swedish credit management services company Intrum Justitia has acquired Solutius Belgium, which in turn owns two debt collection agencies, Juri-Desk and Krebes.
Juri-Desk is a business-to-consumer collection agency, while Krebes handles both business-to-consumer and business-to-business collections.
The companies have a total of 40 employees, revenues in 2007 of E6 million and EBIT of E1.9 million. Apart from EBIT generated by the acquired companies, significant synergies are expected as well.
According to Intrum Justitia, 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.
Michael Wolf, CEO of Intrum Justitia, said: Our Belgian operations have developed convincingly, with earnings exceeding the group’s financial target.
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 credit management services business.