Lowell GFKL Group completes its acquisition of the leading German third party collections company Tesch Inkasso strengthening its position in a core market

Lowell GFKL Group (“Lowell GFKL”), a European leader in credit receivables, announced today that it has completed its acquisition of Tesch Inkasso Group from Avedon Capital Partners and the other existing shareholders following prior receipt of regulatory approvals.

 

For further information, please contact:

Investor Relations contact:

Jon Trott

Telephone: + 44 7551 153 793

Email:  investors@garfunkelux.com

 

Media contacts:

UK:

Lisa Caswell       Telephone: + 44 7393 236925

Email: MediaEnquiries@lowellgroup.co.uk

Germany:

Michaela Heitkemper       Telephone : + 49 201 102 1198

Email : pr@gfkl.com

 

Notes to Editors:

About Lowell GFKL

The Lowell GFKL Group was created in October 2015 following the merger of German and UK market leaders GFKL and the Lowell Group. This union created one of the largest credit management companies in Europe. It benefits from the backing of global investment company Permira Funds and Ontario Teachers’ Pension Plan (OTPP).

The Group’s experience, expertise and core strengths in data analytics and operational efficiency underpin its vision to be the most reputable and trusted partner in the European credit management sector.

http://investors.garfunkelux.com

About Tesch Inkasso

Tesch Inkasso was founded in 1985 by Siegward Tesch, has around 400 colleagues and is based in Gummersbach, Germany – in proximity to the GFKL headquarters in Essen. The company was acquired in 2012 by Avedon Capital Partners, the Dutch-German mid-market PE firm. Within Third Party Collection Services (3PC), the business is a market leader in Utilities and has a strong presence in the Insurance, Financial Services, E-Commerce, Telco, Travel and Retail sectors.

Recently the business has moved into Debt Purchasing (DP) through proprietary portfolio acquisitions from its existing asset base. Avedon Capital Partners has pursued a market consolidation strategy with recent acquisitions including Transcom CMS and Mediafinanz.

www.tesch-gruppe.com

Cautionary Statement

This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area.

Forward Looking Statements

This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Permira, Ontario Teachers’ Pension Plan, Avedon Capital Partners,  Lowell GFKL Group, Tesch Inkasso or their respective affiliates’ intentions, beliefs or current expectations concerning, among other things, the acquisition, Permira, Ontario Teachers’ Pension Plan, Avedon Capital Partners,  Lowell GFKL Group, Tesch Inkasso or their respective affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Permira, Ontario Teachers’ Pension Plan, Avedon Capital Partners, Lowell GFKL Group, Tesch Inkasso or their respective affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Permira, Ontario Teachers’ Pension Plan, Avedon Capital Partners,  Lowell GFKL Group, Tesch Inkasso or their respective affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Permira, Ontario Teachers’ Pension Plan, Avedon Capital Partners,  Lowell GFKL Group, Tesch Inkasso operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.

 

CLOSING OF GARFUNKELUX HOLDCO 3 S.A.’S OFFERING OF SENIOR SECURED FLOATING RATE NOTES DUE 2021

Lowell GFKL Group (“Lowell GFKL”), a European leader in credit receivables management, announced today that Garfunkelux Holdco 3 S.A. (the “Issuer”) has closed the offering (the “Offering”) of €230.0 million in aggregate principal amount of senior secured floating rate notes due 2021 (the “Notes”) as part of the financing for the previously announced proposed acquisition of Tesch Inkasso Group (the “Acquisition”). The Issuer will pay interest on the outstanding principal amount of the Notes at a rate equal to three-month EURIBOR (0% floor) plus 5.50% per annum. The gross proceeds of the Offering were €228.85 million.

 

For further information, please contact:

Investor Relations enquiries:
Jon Trott
Telephone: +44 7551 153 793
Email: investors@garfunkelux.com

 

Cautionary Statement

This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be offered in a private offering exempt from the registration requirements of the Securities Act and will accordingly be offered only to (i) qualified institutional buyers pursuant to Rule 144A under the Securities Act, (ii) certain persons outside the United States in compliance with Regulation S under the Securities Act and (iii) Qualified Purchasers (as defined in Section 2(a)(51)(A) of the Investment Company Act).  No indebtedness incurred in connection with any other financing transactions will be registered under the Securities Act.

This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area (the “Prospectus Directive”). The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.

Forward Looking Statements

This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Lowell GFKL or its affiliates’ intentions, beliefs or current expectations concerning, among other things, the Offering, the Acquisition, Lowell GFKL or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Lowell GFKL or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Lowell GFKL or its affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Lowell GFKL operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.

PRICING OF GARFUNKELUX HOLDCO 3 S.A.’S OFFERING OF SENIOR SECURED FLOATING RATE NOTES DUE 2021

Lowell GFKL Group (“Lowell GFKL”), a European leader in credit receivables management, announced today that Garfunkelux Holdco 3 S.A. (the “Issuer”) has priced the offering (the “Offering”) of €230.0 million in aggregate principal amount of senior secured floating rate notes due 2021 (the “Notes”) as part of the financing for the previously announced proposed acquisition of Tesch Inkasso Group (the “Acquisition”). The Issuer will pay interest on the outstanding principal amount of the Notes at a rate equal to three-month EURIBOR (0% floor) plus 5.50% per annum.

Consummation of the Acquisition is subject to receipt of certain regulatory approvals. Pending consummation of the Acquisition, the gross proceeds from the Offering will be deposited into an escrow account in the name of the Issuer, which will be pledged in favour of the trustee on behalf of the holders of Notes. The release of the escrowed proceeds will be subject to the satisfaction of certain conditions. If the Acquisition is not consummated on or prior to 20 February, 2017, the Issuer will be required to redeem the Notes at their initial issue price. Upon release from escrow, the proceeds from the Offering will be used to finance the Acquisition, repay certain outstanding indebtedness under Lowell GFKL’s revolving credit facility and pay related costs, fees and expenses, and for general corporate purposes. There can be no assurance that the Acquisition, the Offering or other financing transactions will be completed.

  

For further information, please contact:

Investor Relations enquiries:
Email: investors@garfunkelux.com

Cautionary Statement

This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be offered in a private offering exempt from the registration requirements of the Securities Act and will accordingly be offered only to (i) qualified institutional buyers pursuant to Rule 144A under the Securities Act, (ii) certain persons outside the United States in compliance with Regulation S under the Securities Act and (iii) Qualified Purchasers (as defined in Section 2(a)(51)(A) of the Investment Company Act).  No indebtedness incurred in connection with any other financing transactions will be registered under the Securities Act.

This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area (the “Prospectus Directive”). The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.

Forward Looking Statements

This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Lowell GFKL or its affiliates’ intentions, beliefs or current expectations concerning, among other things, the Offering, the Acquisition, Lowell GFKL or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Lowell GFKL or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Lowell GFKL or its affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Lowell GFKL operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.

LOWELL GROUP TO LAUNCH SOCIAL MEDIA RECRUITMENT CAMPAIGN

As a result of continued growth, Lowell Group is planning to recruit 100 new team members over the next two months.

In addition to traditional channels, Lowell is aiming to harness the power of social media in its recruitment campaign with the launch of #LifeAtLowell.

The company, which has created more than 200 new jobs in the last two years and currently employs around 1,300 people in Leeds and a further 250 in the south of England, is looking to fill new customer service roles and positions in IT, credit and risk, based at its Leeds head office.

Emma Piper, Lowell’s Resourcing and Recruitment Manager, said: “Recent research carried out by Aberdeen Group showed that 73% of job seekers aged 18 to 34 found their last job through social media. It’s something we want to tap into and we will be launching our #LifeAtLowell campaign, promoting careers at Lowell on Facebook, Twitter and LinkedIn.”

Lowell Group is one of only around 200 organisations in the UK to have achieved Investors in People Champion status in recognition that it operates the highest standard of people management and development in order.

The company, which is currently helping 13 million customers to clear their debts and repair their credit files, has recently had its exceptional’ three star rating for customer service – the highest award possible – reconfirmed by independent assessors Investor in Customers.

“We are very proud of our Investors in People and Investor in Customers accreditation,” added Emma Piper, “they are a great testament to the way we care for our both our team members and our customers. Our people are our biggest asset and we provide them with a great working environment, and real opportunities to develop and build careers with us. In return, we are looking for people who can give 100% commitment to our business and share our enthusiasm, passion and commitment for delivering exceptional customer service, whatever their role.”

For more information about careers at Lowell visit www.lowellgroup.co.uk/careers, follow us @LowellCareers or visit our Facebook page Lowell Careers.

 

 

About GFKL Lowell Group:

The GFKL Lowell Group was created in October 2015 following the merger of German and UK market leaders GFKL and the Lowell Group. This union created one of the largest credit management companies in Europe. It benefits from the backing of global investment company Permira Funds and Ontario Teachers’ Pension Plan (OTPP). The Group’s experience, expertise and core strengths in data analytics and operational efficiency underpin its vision to be the most reputable and trusted partner in the European credit management sector. For more information on the Group, please visit our investor website: investors.garfunkelux.com.

For information on the individual companies, please visit:

www.gfkl.com
www.lowellgroup.co.uk

 

For information or questions about this news release, please contact:

Steve Clark or Martha Phillips at Source Marketing Communications Ltd 0113 3868849// steve@sourcemc.co.uk // martha@sourcemc.co.uk

 

 

LAUNCH OF GARFUNKELUX HOLDCO 3 S.A.’S OFFERING OF SENIOR SECURED FLOATING RATE NOTES DUE 2021

Lowell GFKL Group (“Lowell GFKL”), a European leader in credit receivables management, announced today that Garfunkelux Holdco 3 S.A. (the “Issuer”) intends to launch an offering (the “Offering”) of €230.0 million in aggregate principal amount of senior secured floating rate notes due 2021 (the “Notes”) as part of the financing for the previously announced proposed acquisition of Tesch Inkasso Group (the “Acquisition”). Consummation of the Acquisition is subject to receipt of certain regulatory approvals. Pending consummation of the Acquisition, the gross proceeds from the Offering will be deposited into an escrow account in the name of the Issuer, which will be pledged in favour of the trustee on behalf of the holders of Notes. The release of the escrowed proceeds will be subject to the satisfaction of certain conditions. If the Acquisition is not consummated on or prior to 20 February, 2017, the Issuer will be required to redeem the Notes at their initial issue price. Upon release from escrow, the proceeds from the Offering will be used to finance the Acquisition, repay certain outstanding indebtedness under Lowell GFKL’s revolving credit facility and pay related costs, fees and expenses, and for general corporate purposes. There can be no assurance that the Acquisition, the Offering or other financing transactions will be completed.

 

For further information, please contact:

Investor Relations enquiries:

Jon Trott, Head of Investor Relations

Telephone: +44 7551 153 793

Email: investors@garfunkelux.com

 

Cautionary Statement

This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be offered in a private offering exempt from the registration requirements of the Securities Act and will accordingly be offered only to (i) qualified institutional buyers pursuant to Rule 144A under the Securities Act, (ii) certain persons outside the United States in compliance with Regulation S under the Securities Act and (iii) Qualified Purchasers (as defined in Section 2(a)(51)(A) of the Investment Company Act).  No indebtedness incurred in connection with any other financing transactions will be registered under the Securities Act.

This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area (the “Prospectus Directive”). The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.

Forward Looking Statements

This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Lowell GFKL or its affiliates’ intentions, beliefs or current expectations concerning, among other things, the Offering, the Acquisition, Lowell GFKL or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Lowell GFKL or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Lowell GFKL or its affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Lowell GFKL operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.