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Permira, the international private equity firm, announced today that a company backed by the Permira funds has entered into an agreement to acquire GFKL Financial Services, a leading provider of receivables management services in Germany, for an undisclosed sum. In this transaction goetzpartners Corporate Finance acted as financial advisor to Permira.
GFKL Financial Services AG is a leading provider of receivables management services with a receivables portfolio of €16.6bn from clients of various industries including banks, insurance companies, online retailers and telecommunications companies. GFKL is one of the very few service providers in the market that has a high-quality professional receivables management offering, servicing not only major corporations but also medium-sized companies. In 2014, GFKL increased sales to €244 million (2013: €196 million).
The Permira funds will support the GFKL management as it capitalises on the company’s huge growth potential in Germany and worldwide. An increasing number of companies are outsourcing their receivables management today, particularly small and medium-sized businesses which often lack the resources to do it themselves. The increasing importance of e-commerce also creates further growth opportunities for GFKL. Finally, the debt collection market in Germany is very fragmented which creates numerous consolidation opportunities.
Permira is an international private equity firm. The Permira funds make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. Founded in 1985, the firm advises funds with a total committed capital of approximately €25 billion. Since 1985 the Permira funds have made over 200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Industrials and Technology. Permira employs over 200 people in 14 offices around the world.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 300 private equity transactions in 40 countries and as of December 31, 2014, had €27 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 180 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.