Nordic Capital-backed Lindorff buys Sabadell's debt recovery unit

Lindorff will manage the business's assets for a period of 10 years.

The sale comes as Sabadell pursues the sale of its non-core assets. Montalban Atlas Capital is understood to have run the sale process for the debt recovery unit.

Previous funding
Altor and Swedish investment company Investor AB sold their majority stake in Lindorff to Nordic Capital for an enterprise value of €2.3bn earlier this month.

The deal included a conditional shareholder note with a potential value of no more than €200m plus 8% annual interest, dependent on the return on the new equity investment. Altor's share of the note was 42%, equating to a maximum of €84m.

Nordic Capital made the acquisition through its Nordic Capital Fund VIII.

Both previous owners retained minority holdings in the company, of which Altor will retain a maximum of €132.3m while Investor will retain up to €182.7m, totalling €315m. Altor and Investor AB – the Wallenberg family's investment vehicle – previously held 42% and 58% of the company respectively.

Company
Banco Sabadell was founded in 1881 and is headquartered in Sabadell, Spain. The bank includes several banks, brands, subsidiaries and holding companies. It is quoted on the Madrid Stock Exchange.

People
Kristoffer Melinder is a managing partner at Nordic Capital while Andreas Näsvik is a principal.

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• Topics
• Southern Europe
• Financials
• Portfolio management
• Spain
• Nordic Capital