Global buyout firm Advent International has reached an agreement with GFKL Financial Services AG to acquire a controlling stake in the German debt collection company. A group of GFKL’s institutional investors will sell the stake to Advent for an undisclosed amount. In addition to the acquisition, Advent is committed to a capital increase to help with GFKL’s future growth and equity base.
GFKL Financial Services AG (www.gfkl.com)
GFKL Financial Services AG founded in 1992 to provide debt collection services, financial management software, and business system and leasing services in Germany.
A 2008 restructuring resulted in the sale of the Universal Leasing Ltd. and Systems divisions, allowing the company to better focus on its two core businesses.
The company currently provides commercial receivables collection as well as the purchase of personal loans and mortgages. Their financial management software allows clients to automate much of their collections for both commercial and consumer borrowers.
GFKL’s Receivables Management division based in Essen, services annual receivables in excess of € 23 billion through the efforts of more than 1,000 employees. It is the second largest German debt service provider based on volume.
In 2008 the company received a “Strong, Outlook Stable” rating from Standard & Poor’s, the highest possible rating for a debt service provider. The rating put GFKL among the top-three rated companies in all of Europe.
Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices operating in 23 countries. Since inception, The Company’s strategy is based primarily on buyout opportunities and turnarounds in a variety of sectors. Advent employs 280 people including 140 investment professionals.
Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. In April 2008, the firm announced the closing of its fourth fund for the region, ACEE IV, at € 1 billion.