Advent exits Ultimo to B2Holding

The acquisition will expand the geographic reach of B2Holding's operations, and is intended to provide a platform for CEE growth.

Advent acquired Ultimo in a secondary buyout from AIG Capital Partners in 2006. According to unquote" data, Syntaxis provided €12.5m of mezzanine investment to the company in 2007.

B2Holding stated it was attracted to Ultimo by its operational platform and management team, in addition to its CEE presence.

Completion of the deal is subject to regulatory approval.

Company
Founded in 2002, Ultimo is a Poland-based company that purchases consumer loans from banks, utilities and telecoms companies.

People
Jon H Nordbrekken is chairman of B2Holding and Olav Dalen Zahl is the company's CEO. Janusz Tchórzewski and Tadeusz Uchmanowicz are co-founders of Ultimo. Monika Morali-Efinowicz is managing director of Advent International in Poland.

Advisers
Acquirer – Deloitte Corporate Finance (Corporate finance); CMS Cameron McKenna (Legal).

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• Topics
• CEE
• Exits
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• Advent International