Dutch real estate specialist Next Investments B.V. has announced the sale of its debt purchasing, collections and data businesses to UK debt purchaser Azzurro Associates for an undisclosed sum.
The funding made available by this sale will be used by Next Investments to further expand the successful business activities of Solid Finance in order to realize a real estate loan portfolio with a total value of 150 million euros.
Azzurro Associates was formed in 2017 by Andrew Birkwood, previously Chief Investment Officer of UK based debt purchaser, Arrow Global, with the aim to make a difference to the way the commercial and niche consumer credit industries operate. The three subsidiaries which Azzurro Associates has acquired from Next Investments are Next Finance, Pleitmeesters and Data Interface.
Andrew Birkwood, CEO of Azzurro Associates said We are very happy with this acquisition, which we believe will give us a strong position in the Dutch credit market. With a range of high profile clients, the acquisition of Next Finance, Pleitmeesters and Data Interface supports our vision to be the leading provider of liquidity solutions to the commercial and consumer credit markets.”
Sander Springer, the Chief Financial Officer of Next Finance who will become the Dutch Country Manager for Azzurro said “Azzurro’s acquisition of these three companies provides a major growth opportunity for both our business and extended services for our clients. This acquisition adds valuable experience in the analysis, management and collection of credit-impaired receivables, data management and data security.”
Jan Meijer, co-owner of Next Investments “The acquisition of Next Finance, Pleitmeesters and Data Interface is a terrific strategic fit for Azzurro Associates. We have every confidence that they will continue the partnerships with our customers to achieve the right outcomes in a sustainable and timely way.”
Gerard Kappert, also co-owner of Next Investments said “We will utilize the money released from this sale to grow Solid Finance’s real estate loan book to an amount of 150 million euros.”