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Vision Capital acquires Nordax April 2010

Vision Capital has agreed to acquire Nordax Finans AB (“Nordax”) from Palamon Capital Partners (“Palamon”) for a total consideration of €105 million, subject to Swedish Financial Supervisory Authority approval.

Nordax provides unsecured loans to individuals of good credit standing across the Nordic region and operates in Sweden, Norway, Denmark and Finland. Nordax was established as a start up in late 2003 by an experienced management team of five principals led by CEO Morten Falch, with the backing of Palamon, and has been built into one of the leading unsecured consumer loan and savings businesses in the Nordic region. The Company has more than 75,000 customers and a €500 million loan portfolio, €250 million of deposits, and funding facilities from leading European financial institutions. 

This is the first financial services investment in Vision Capital Partners VII LP, the firm’s most recent fund. Vision Capital has extensive experience in the financial sector, with prior investments in Cabot Financial, the UK debt purchase business, and BrightHouse, the rent-to own retailer.  Financing was provided by Proventus Capital Partners, a Stockholm-based investment company focusing on corporate loans and bonds. The management of Nordax will retain a significant interest in the company.

Andrew Hawkins, a Managing Partner at Vision Capital, said:
“We are delighted to be acquiring Nordax, which has established itself as one of the premier providers of consumer finance in the Nordic region and built a substantial and profitable loan book over the last six years. We see significant opportunities to expand the business and are excited to be working with Morten and his exceptional team to support the company in realising its future growth potential.”

Morten Falch, CEO of Nordax, said:
”We look forward with enthusiasm to the next stage of our development and welcome the Vision Capital team as our partners. Their help as well as long term commitment will be vital in helping us to achieve our goals.  We’d like to take this opportunity to thank Palamon for being a great partner in support of Nordax’s development into a leading force in Nordic consumer finance.”

Erik Ferm, a Partner at Palamon, said:
“This transaction is an excellent outcome for all parties, and is the result of the close working relationship which we have established with Vision Capital. Nordax has been a successful part of the Palamon portfolio since we founded it in 2003, and we wish the team all the very best for the next stage of their development with Vision Capital.”

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority