Endre Rangnes becomes the new CEO at Finans2

Establishes a new competitor

– How do you think your previous employer reacts to the news about you establishing a new competitor?

– I must admit that I haven’t thought about that. We are entering into a large market. As such, I believe there is room for another competitor, says Rangnes.

When Rangnes started Axactor in 2015, he came from the position as CEO at Lindorff. At the time, Axactor recruited many of Lindorff’s employees. Instead of shareholders fearing that the same would happen this time around, the Axactor shares got a solid boost on the Oslo Stock Exchange. B2Holding also experienced the same boost. Jon Harald Nordbrekken is the third largest shareholder.

On Friday, both shares increased with 4.4 percent.

Aleph Capital pays NOK 400 million for an 80 percent ownership share in Finans2. Nordbrekken and Rangnes enters the company with a total of NOK 50 million, giving them 20 percent ownership. In addition, Aleph Capital Partners will contribute with NOK 4 billion to create a leading pan-European non-performing loan platform and debt collection agency. With additional loans, Finans2 will have more than NOK 10 billion to trade non-performing portfolios.

– We will work together with banks and financial institutions to buy non-performing portfolios. The ambition is to use Finans2 as a starting point for further expansion in the European market, says Rangnes.

“Bullmarket”

Several analysts predict that there will be a bull market for the debt collection industry after the pandemic.

– In Europe there are large volumes of non-performing portfolios to be sold. Not all players have equal access to capital, which has created an imbalance in the marked. As such, our timing is very good. The prices are going down, and we have over NOK 10 billion to spend, says Rangnes.

However, Rangnes will not reveal which countries Finans2 will enter first. His only comment is that they are relatively large markets in Europe with a good volume of non-performing portfolios.

– Our aim is to rapidly establish our business and enter seven countries within the next six to twelve months. Aleph Capital has a very good network of financial institutions in several European countries. Finans2 already have offices in Denmark and Sweden. To Finansavisen`s knowledge, Finland will be one of the first countries the company will enter. This entry fits Nordbrekken`s profile. All of his companies have invested in Finland at an early stage.

Experienced management team

– We are establishing a competitor to both Axactor and B2Holding, says Nordbrekken, and continues:

– The credit management market is huge and will grow in the future. As such, it is not a problem that we are establishing a new competitor.

Nordbrekken has a value of NOK 215 million in B2Holding and has not sold a share in the company he once established. This week, several major shareholders, such as Stenshagen Invest and Rasmussen Group, acquired more shares in the company.

Nordbrekken and Rangnes may be characterized as some of the most experienced stakeholders in the industry.

Nordbrekken has worked in the debt collection industry since the 1980s. He started his career in Intrum Justitia, and has founded Aktiv Kapital, Gothia Financial Group and B2Holding. Rangnes was the CEO at Lindorff from 2010-2014. In addition, he founded Axactor in 2015 and served as CEO until 2020, when he was fired by John Fredriksen, the majority shareholder in the company.

-In this industry you need to work with the best people. We are searching for the most talented people, and with our network I am sure we will attract the right minds, says Rangnes.

No plans to sell his stocks in Axactor

Rangnes is still the fourth largest shareholder in Axactor. However, he will not sell his shares, even though Axactor is one of Finans2`s competitors.

– The market value of Axactor does not reflect the underlying values in the market. I think the entire industry will be revalued, due to large volumes of debt portfolios coming on the market soon, says Rangnes.

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