Pragma sells NACC to trade

The deal values NACC at approximately €90m. As part of the transaction, an earn-out agreement with senior management over four years was arranged.

Norwegian firm B2Holding is a financial services provider focused on non-performing loans as well as third-party debt collection. It is currently listed on the Oslo stock exchange.

Previous funding
Pragma acquired a majority stake in NACC alongside the company's management team in 2015. Pragma used its Pragma Capital III vehicle for the transaction, which has a focus on only small-cap buyouts with an enterprise value in the €15-75m range, investing between €7-20m in majority stakes, according to Unquote Data. The deal was the second to be financed via the GP's third fund.

ActoMezz supplied a revolving mezzanine line during NACC's takeover via its second dedicated fund.

Company
Founded in 1993, NACC specialises in the acquisition and refinancing of distressed debt, with a focus on corporate clients. With headquarters in Paris and an additional presence in Bordeaux and Brest, the business employs 80 professionals. The firm is aiming to generate €18m in revenues for 2015.

People
Pragma Capital – Jean-Pierre Créange, Arnaud Leclercq (partners).
Negociation et Achat de Creances Contentieuses – Christian Roche (founder, president).
B2Holding – Olav Dalen Zahl (CEO).  

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• Topics
• Exits
• France
• Financials
• France
• Sparring Capital (formerly Pragma Capital)
• Trade sale