Advent International, central Europe’s longest established international private equity manager, has acquired the ULTIMO Group, a debt collection business, from AIG Capital Partners, part of the US insurance group, for an undisclosed sum.
The two co-founders retain shareholdings in the company, according to a statement from Advent International.
Founded in 2002, ULTIMO is Poland’s largest debt purchase and debt collection business, in a sector that has seen double digit growth in the last five years with further growth predicted.
The indebtedness of the Polish consumer remains well below that of Western counterparts with credit card debt still very limited.
Advent International expects to help in raising financing for debt purchase, further strengthening operating systems, enhancing the management team and positioning the company for further acquisitions and regional expansion.