Swedish company buys Romanian debt recovery firm Top Factoring for EUR 13 mln

Swedish company Intrum Justitia AB has bought the Romanian debt recovery firm Top Factoring from private equity fund RC2 for EUR 13.1 million. The deal also includes a non-performing loans portfolio that RC2 owned via a firm called Glasro Holdings Limited. RC2 has made a profit of EUR 16.29 million from the Top Factoring business, including the dividends it has got from the company. The fund’s initial investment was EUR 3.5 million, according to RC2 representatives. The deal was signed at the end of March. RC2 also announced the acquisition of Telecredit, a firm specialized in micro-loans. Telecredit was controlled by Catalin Neagu, the founder and general manager of Top Factoring. RC2 paid Neagu EUR 2.67 million for 75% of the firm’s shares, according to local M&A journal Mirsanu.ro. Reconstruction Capital II (RC2) is an investment fund listed on the London Stock Exchange. The fund is controlled by Ion Florescu. editor@romania-insider.com