The Board of Directors of Intrum Justitia AB has decided that Mikael Ericson will be the CEO and President of the combined company once the transaction is completed. The decision has been made in agreement with the proposed new Board members nominated by the Nomination Committee on June 7th 2017.
Erik Forsberg, the current CFO of Intrum Justitia, will continue as the CFO of the combined company.
- Mikael Ericson’s experience and skills, combined with the continuity he provides, positions him well to lead the combination of Intrum Justitia and Lindorff. The combined company is set to capitalize on the opportunities for growth and expansion within the Credit Management Services industry, said Lars Lundquist, Chairman of the Board of Intrum Justitia.
In November 2016 Nordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, and the Board of Intrum Justitia announced the intention to combine the two companies. The combined company will be the industry leader in credit management services, servicing 23 countries and around 100 000 corporate clients throughout a number of industry sectors.
- We have been in the fortunate position of having to choose between two excellent candidates in terms of experience and skills. Now we look forward to working together with Mikael in developing the combined company from the day the transaction is closed. I would also like to take the opportunity to express my sincere gratitude towards Klaus-Anders Nysteen for an outstanding achievement in taking Lindorff to the next level in terms of expansion and service delivery, says Kristoffer Melinder, Managing Partner NC Advisory AB, advisor to the Nordic Capital Funds.
- I am dedicated to the success of this combination. Together with professional and motivated people in both Lindorff and Intrum Justitia, I have had the pleasure over the past six months of creating a strong platform for the upcoming integration process. Realizing the full potential of the combined company will be a team effort which I am proud to lead once the transaction is closed, says Mikael Ericson.
Both Mikael Ericson and Klaus-Anders Nysteen will remain the CEOs of their respective companies until closing, after which it is intended that Klaus-Anders Nysteen will become Senior Advisor to the Nordic Capital Funds.
The combination is currently pending competition clearance from the European Commission with an expected decision on June 12, 2017. The transaction is expected to close during the second quarter of 2017 as previously communicated.
Mikael Ericson assumed the role as CEO in Intrum Justitia in March 2016 and has worked in various senior positions in the financial industry over the past 30 years, including Head of Handelsbanken Capital Markets and CEO of Carnegie Investment Bank. Before joining Intrum Justitia, he held the position as Head of International Banking at Danske Bank.
Erik Forsberg joined Intrum Justitia in November 2011. He has previously held the position as CFO at the PR software company Cision, as well as positions as CFO, Group Treasurer and Business Controller at several companies, including EF Education.
Lindorff has been in the business of helping people manage credit for over 100 years. Its headquarters are located in Oslo, Norway, the same city as Eynar Lindorff founded the company back in 1898. Today it has 4,400 people in 12 countries across Europe helping customers back to a life of sustainable spending. Nordic Capital Fund VIII is a majority shareholder in the company which offers services within debt collection and debt purchase as well as payment and invoicing services. In 2016 Lindorff generated EUR 647 million in net revenue (2015 EUR 534 million). For further information, please visit www.lindorff.com
About Intrum Justitia:
Intrum Justitia offers comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 4,200 employees in 21 markets. Consolidated revenues amounted to SEK 6.1 billion in 2016. Intrum Justitia AB is listed on Nasdaq Stockholm since 2002. For further information, please visit www.intrum.com
About Nordic Capital:
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com