Cabot Square, Eurofin sell 321 Crédito

The business has a net loan book of €250m and generated net profit of €7.9m in 2017. It projects this to increase to €9m for 2018 and €15m by 2020.

Banco CTT is pursuing a diversification strategy, and through this acquisition will add consumer credit to its other banking services and mail businesses.

Previous funding
Cabot Square and Eurofin teamed up to wholly acquire 321 Crédito, then BPN Crédito, from the Portuguese government for €36m in 2014.

Company
Formerly the consumer credit arm of Banco Português de Negócios, 321 Crédito focuses mainly on the provision of financing for used cars (93% of its portfolio). The Lisbon-based business was founded in 2003 and also provides loans to facilitate the acquisition of equipment and real estate. It has a headcount of 100 and currently has more than €250m in outstanding loan assets.

People
Cabot Square Capital – Tarum Sharma (investment director).

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• Topics
• Exits
• Southern Europe
• Financials
• Trade sale
• Portugal