Searchlight Capital Partners and Fitzroy Capital to acquire Kredinor

The sale follows a strategic review of Kredinor’s future needs. It reflects the value created within the company and Kredinor’s positive development in recent years, while positioning the company for the next phase of its growth.

The Consortium intends to support the Company’s next phase of development by combining Kredinor’s leading market position, experienced organisation and established credit management platform with Searchlight’s expertise in European financial services and Fitzroy’s specialist credit management capabilities, operational experience and wide industry network.

A New Chapter for Kredinor

The Consortium is well positioned to support Kredinor AS’s continued development by providing capital and deep credit management industry expertise.

The financial terms of the transaction have not been disclosed. Completion is subject to customary regulatory approvals and other customary closing conditions and is expected in January 2027. Until completion, Kredinor will continue to operate under its existing ownership.

“Over the past three years, Kredinor has sharpened its strategic focus, strengthened its core operations and delivered a significant improvement in profitability. We are grateful to SpareBank 1 Gruppen and Kredinorstiftelsen for their support throughout this period. Searchlight and Fitzroy bring relevant sector expertise, capital and an international perspective, and we look forward to working with them to build on the progress already achieved.”, says Rolf Eek-Johansen, Chief Executive Officer of Kredinor.

Albert Shin, Partner at Searchlight, comments: “Kredinor has a strong market position, an established platform and a clear opportunity for further growth. We look forward to partnering with Fitzroy and Kredinor’s management team to support the Company’s continued development, drawing on our experience of investing in financial services businesses across Europe.”

Kredinor combines a strong brand and market position with a highly capable team and deep credit management expertise. We look forward to working closely with Searchlight and management, contributing our extensive experience in portfolio investment and credit management operations, to strengthen the Company’s platform, broaden its capabilities and pursue attractive opportunities across markets, adds Anders Engdahl, Chief Investment Officer of Fitzroy

Sigurd Aune, Chief Executive Officer of SpareBank 1 Gruppen, states: “Since the merger of Kredinor and Modhi Finance in 2022, we have supported the Company’s development while evaluating the appropriate long-term ownership structure. As Kredinor is not a strategic core business for SpareBank 1 Gruppen, we believe this transaction represents the right next step for both the Company and its shareholders. We believe Searchlight and Fitzroy bring the sector expertise, capital and ambition required to support Kredinor’s next phase of growth, and we are confident that they will be strong long-term owners of the business.”

Business operations to continue as usual

“This agreement reflects the strong progress Kredinor has made in recent years and creates a solid foundation for further growth. We will continue to operate as usual, with focus on our clients, employees and partners,” says Rolf Eek-Johansen, CEO of Kredinor AS.

The signing of the agreement will not affect Kredinor’s operations or day-to-day business activities. Kredinor will continue to operate as usual, and there will be no change for clients, employees or business partners.

Arctic Securities, EY-Parthenon, Schjødt, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance advised the Consortium. SB1 Markets and Selmer advised Kredinor and the Sellers.

 

About Kredinor

Kredinor is Norway’s leading full-service debt collection agency and serves approximately one million customers annually across the Nordic region. For further information, please visit www.kredinor.no.

About SpareBank 1 Gruppen

SpareBank 1 Gruppen AS is a financial services holding company established in 1996. It is owned by the independent banks in the SpareBank 1 alliance and the Norwegian Confederation of Trade Unions (LO). For further information, please visit www.sparebank1.no.

About Kredinorstiftelsen

As part of the restructuring of Kredinor SA into Kredinor AS, Kredinorstiftelsen was established, and all shares in the newly established Kredinor AS were donated to the Foundation. The foundation supports non-profit and socially beneficial purposes, including humanitarian and social initiatives, research and education. For further information, please visit www.kredinorstiftelsen.no.

About Searchlight Capital Partners, L.P.

Searchlight is a global private investment firm with US$17 billion in assets under management and offices in London, New York, Miami and Toronto. Searchlight partners with management teams to build market-leading businesses across telecommunications, media, business services, industrials and financial services. Its Nordic investments include Floatel, Opus Bilprovning, Aderian Group and B2 Impact. For further information, please visit www.searchlightcap.com.

About Fitzroy Capital

Fitzroy Capital is a specialist investment firm focused on the European non-performing loan industry. Its team brings experience across credit management services, NPL portfolio investments and asset management. Fitzroy combines sector expertise, execution capabilities and operational experience to identify and support investments across European markets. For further information, please visit www.fitzroycapital.com.

Media contacts

Kredinor

Melita Ringvold

Director of Sustainability and Communications

melita.ringvold@kredinor.no

+47 951 21 983

 

SpareBank 1 Gruppen

Christine Meling Christensen

Communications Director

christine.meling.christensen@sparebank1.no

Tlf. + 47 95196466

 

This information is considered inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act, as well as pursuant to Oslo Børs Rule Book II, section 6.2.2 nr. 11. This information was published by Melita Ringvold, Director of Communication, Brand and Sustainability, on the date and time provided.