KKR invests in Oslo-listed Avida Finans

KKR bought 9,090,909 new shares, which corresponds to a stake of around 15.2% in the company, at NOK 33 per share.

The company plans to use the fresh financing to boost its growth, consolidate its position in the Nordic region and further bolster its expansion.

Current majority shareholders IC Financial, Andenes Investments and Midelfart Capital intend to continue to support the company in partnership with the GP.

KKR conducted the transaction via KKR Bidco and FSK Bidco, which will launch a conditional offer for all Avida shares at a price of NOK 33 per share.

Minority shareholder Drew Holdings, which is owned by Norwegian entrepreneur Tor Olav Trøim, accepted KKR's offer for the sale of its 12,337,638 shares, equal to a stake of approximately 20.6% in the company.

But Avida's main shareholders – IC Financial, Andenes Investments and Midelfart – have stated that they will not accept KKR's offer.

Company
Established in 1983, Avida Finans provides loans, factoring, corporate credit and financial protection services to businesses and individuals in Sweden, Norway and Finland.

The company is headquartered in Stockholm, with branches in Oslo and Helsinki, and employs around 100 staff.

Avida Finans expects to reach a loan book of SEK 10bn and pre-tax profit of SEK 400m in 2020. 

People
Avida Finans – Tord Topsholm (CEO); Geir Olsen (chair).

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