Lindorff Espana, part of Oslo, Norway-based collections and credit giant Lindorff, has purchased the debt recovery unit of Spain's Banco Sabadell for $218 million, the companies announced this week.
The deal comes as many international private equity firms and investment groups push for a slice of the debt recovery business in Spain, as banks get rid of bad loans accumulated during the financial crisis.
Lindorff, which has 3,000 employees in 11 countries, has grown rapidly as it has purchased several debt collection and portfolio purchasing operations in Europe. The company in 2012 reported net revenues of $672 million.
Sabadell is one of the largest banks in Spain. It has some 2,400 offices and branches and employs more than 18,000 people. The 133-year old bank has been looking to offload some of its non-core assets to address growing debt.