Press release: Zolva acquires Euro Service in Italy
17 Feb 2022, 11:19 GMT
Zolva aquires Euro Service S.p.A in Italy and gets 350 new colleagues.
Photo: Eivind Yggeseth
Zolva aquires Euro Service S.p.A in Italy and gets 350 new colleagues. The acquisition is in line with Zolva`s clear strategy of becoming a leading pan-European company within non-performing loans (NPL) and debt collection. During the past nine months, Zolva has grown significantly and has a portfolio of EUR 4,521 million in face value.
In August last year, Zolva (formerly Finans2) acquired Multigestion, a well-established player in the Iberian NPL servicing market with operations in Spain and Portugal. With the acquisition of Euro Service, Zolva’s position in the European market is strengthened. Euro Service is a well-established player in the Italian NPL market.
Zolva´s CEO Endre Rangnes is pleased to have completed another important acquisition:
“The acquisition of Euro Service makes Zolva well positioned in the Italian NPL-market. The main focus for Zolva Italia will be on third-party debt collection and the purchase of debt portfolios from financial institutions and the public sector. We are very happy to welcome 350 new colleagues to the Zolva Group.”
Euro Service’s former CEO and owner, Antonio Persici says:
– I`m confident that Zolva is the ideal partner to ensure Euro Service and its staff a satisfying future on the Italian market. It will be exciting to be part of the journey as a board member of Zolva Italy.
The owners of Zolva, Aleph Capital and J. Safra Group, have had an important role in securing strong growth during the past nine months. Together with the management of Zolva the ambition is to establish a pan-European platform for non-performing loans and debt collection. Zolva will expand through both organic growth and new acquisitions and the goal is to challenge the industry with innovative and flexible solutions.
The companies previously part of Finans2, are now all rebranded as Zolva. During the second quarter, Euro Service will also be rebranded to Zolva.
Maurizio Tucci is President and interim Country Manager for Euro Service. He will hold the position until a permanent successor has been appointed. Mr. Tucci has wide experience of working in various top management positions in several Italian businesses and industries.
About Euro Service
Euro Service is a Credit Management Company established in Italy in 1998, headquartered in Rome with offices in Piedimonte Matese (Campania), Ancona (Marche) and a backoffice operation in Romania. The company is active in the market for NPLs, completing transactions both directly and by means of special purpose vehicles. Euro Service has developed expertise over the last decade in managing debts generated by gas & power providers, telco and public services, as well as banks and financial institutions. In the latest Survey published by PWC, Euro Service is classified among the top 20 best performing Italian Special Servicers.
Zolva offers services across the entire value chain from invoice management, reminder service, purchase of receivables/factoring, debt collection services and purchase of non-performing loans (NPLs). Zolva is currently present in Norway (HQ), Sweden, Denmark, Spain, Portugal and Italy. Including Euro Service, Zolva has a portfolio of EUR 4,521 million in face value. Zolva is owned by Aleph Capital and the J. Safra Group and management. For more information: Zolva
About the J. Safra Group
The J. Safra Group, with total assets under management of over US$300 billion, consists of privately-owned banks under the Safra name and investment holdings in real estate and agribusiness. The J. Safra Group’s banking interests in over 160 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA. The J. Safra Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. There are more than 34,000 employees associated with the J. Safra Group.
About Aleph Capital
Aleph Capital Partners LLP is an independent European investment firm that backs companies driven by secular industry themes. Aleph works closely with management teams as a long-term investor providing flexible and bespoke capital solutions to deliver value growth. The firm was founded by Hugues Lepic, who led the European private equity investing business of Goldman Sachs between 2006 and 2012. For more information: Aleph Capital Partners LLP.
For further information:
Zolva Group CEO Endre Rangnes
Mobile: +47 48221111
Zolva Group CFO Scott Danielsen
Mobile: +47 95255620
Zolva aquires Euro Service S.p.A in Italy and gets 350 new colleagues.Read
On Friday, Jon Harald Nordbrekken announced that Bank2 has entered into an agreement with Aleph Capital Partners to acquire Finans2. As part of the transaction, Finans2 will purchase the bank's portfolio of non-performing loans.Read
The ambition is to create a leading pan-European non-performing loan platform and collection agency.Read