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Bankleitzahlen - online.de


Advent International acquires majority stake in financial service provider GFKL Financial Services AG

Frankfurt/Essen - 12 October 2009 - Advent International, the global
private equity firm, has signed agreements to acquire a majority
stake in GFKL Financial Services AG, a leading independent financial
service provider for debt collection and debt purchase in Germany
from a consortium of institutional investors. In addition, Advent
will participate in a capital increase to strengthen GFKL's equity
base and to realise further growth. The purchase price was not
disclosed. The acquisition is subject to closing conditions including
merger and regulatory approvals.

Servicing receivables in excess of about ¤23 billion, GFKL is a
leading debt collection services provider in Germany. Since 2008, the
company, which is headquartered in Essen, has undergone a
comprehensive strategic refocusing following the decision to
discontinue its leasing and systems business. The focus now is on
debt collection and debt purchasing as well as software applications.

GFKL's debt collection services include both trust administration and
the purchase of non-performing receivables. Classes of receivables
range from secured real estate receivables to unsecured receivables
from consumers' credits as well as from other sectors such as
insurance, mail order and telecommunications. GFKL's software segment
covers applications for the credit and receivables management of
banks, savings banks, industries and the public sector; moreover, it
includes tailored and standardised applications for the core business
of insurance companies.

The debt collection market has strong growth expectations driven by
increasing outsourcing levels in many of these sectors. With 700
small to medium-sized debt collection companies and the top three
players representing only a 30% market share, the particularly highly
fragmented German market offers attractive consolidation
opportunities.

Dr. Peter Jaensch, Chief Executive Officer of GFKL Financial Services
AG, said: "Over the last twelve months we have adapted the business
model of GFKL to deal with the impact of the financial crisis. With
Advent we have found a new shareholder who intends to enhance GFKL's
repositioning by providing deep sector expertise as well as financial
resources."

Ralf Huep, Managing Partner in Advent International's Frankfurt
office and Co-Head for Europe, said: "We will continue to support
GFKL by providing the required capital, as well as the additional
sector know how to grow. These two key factors will significantly
contribute to strengthening GFKL's future performance and to
reposition the company going forward."

Dr. Christian Stoffel, Head of Advent International's Financial
Services practice in Germany, who led the investment for Advent,
adds: "We believe the company's leading position provides a strong
platform for growth and will allow accelerating the expansion of the
business through expanding organically as well as through
acquisitions."

Juergen Baltes, member of the executive board of GFKL and responsible
for the Debt-Collection Non-banking and Software, said: "The
acquisition by Advent is indeed an important step to position GFKL in
a market set for growth." Dr. Tom Haverkamp, member of the executive
board and responsible for debt collection banking and debt
purchasing, agrees: "We see Advent as the ideal partner, who is
committed to grow the company."

Advent International is one of the leading global investors in
financial services having completed investments in 16 financial
services companies in the last four years with a combined enterprise
value of more than $7.5 billion. This year, Advent has signed two
financial services investments, Fifth Third Processing Solutions, the
US payments processing business and CETIP, the largest central
depository for private fixed-income securities and over-the-counter
(OTC) derivatives in Latin America. Further investments include
Poland's leading debt purchase and collection business ULTIMO, Monext
and Sophis in France, Quero Quero in Brazil and Domestic and General
and Equiniti in the UK.

MEDIA CONTACT for Advent International:
Financial Dynamics
Carolin Amann: +49 69 92037 132
Louisa Feltes: +44 (0) 207 269 7108

GFKL Financial Services AG:
Katrin Schwarz: +49 (0)201 102-1192


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Copyright © Hugin AS 2009. All rights reserved.



 
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