Advent International, a global private equity firm, acquired a majority stake in GFKL Financial Services AG, a German independent financial service provider for debt collection and debt purchase.
Advent, which acquired the stake from a consortium of institutional investors, will participate in a capital increase to strengthen GFKL’s equity base and to realise further growth as explained by Dr. Christian Stoffel, Head of Advent International’s Financial Services practice in Germany, who led the investment: “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”.
The purchase price was not disclosed and the acquisition is subject to closing conditions including merger and regulatory approvals.
Since 2008, Essen-based GFKL has undergone a comprehensive strategic refocusing on debt collection and debt purchasing as well as software applications.
Commenting on the deal, 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”.