Lowell, today announces it has an entered into an agreement to sell a pool of Swedish portfolios comprising around 107,000 customer accounts with total outstanding balance of approximately SEK 8.1bn to Hoist Finance AB.
Following completion of the sale, Lowell will continue to service the portfolio on behalf of Hoist Finance.
Proceeds from the sale are expected to be approximately SEK 1.2bn and will be used to partially repay drawings under the Group’s Revolving Credit Facility.
Commenting on today’s announcement Jamie Wilson, Group Chief Financial Officer, said:
“We are pleased to announce this divestment which further strengthens our relationship with Hoist Finance as one of its key servicing partners.
The transaction continues to demonstrate the Group’s ability to recycle capital and crystalise returns earlier in the investment cycle. It has enabled the Group to deliver returns ahead of pricing expectations whilst growing third-party servicing assets under management.
Proceeds from the divestment will further strengthen the Group’s cashflow and improve its liquidity position.”
Source: Lowell
