Major European ARM Firm Buys German Collection Agency

European collection agency Lindorff Group announced in late December that it has acquired Dausend Group, a Cologne, Germany-based provider of debt collection and portfolio acquisition services.

“The acquisition of the Dausend Group is in line with Lindorff's growth strategy and will be a first step through which we will contribute to the consolidation of the receivables management industry in Germany,” said Urs Baumann, CEO of Lindorff Group. The firm posted revenues of $447 million in 2006.

Oslo, Norway-based Lindorff is a leading provider of outsourced receivables management services in Europe, employing around 1,800 people at offices in Norway, Sweden, Denmark, Finland, Lithuania, Latvia, Holland, Russia and Estonia.

Drawing on the models for professional debt collection developed and refined in the Nordic countries, Lindorff has the stated ambition of expanding into new markets. Germany is one of the most significant markets in Europe for Lindorff and offers opportunities for further development of all the Group's services.

“Lindorff has already acquired a portfolio of overdue bank claims in Germany and insourced the former European Helly Hansen accounting service center in Munich. Dausend Group is our next step in building a business platform in Germany,” said Baumann.

Dausend Group has 83 employees in Cologne and forecasts revenues of $14.5 million for 2007. The group offers both pre-legal and legal collection services.

“We are very pleased to be part of the Lindorff Group. As a part of a large European player, we will have ample opportunities to further expand our position in the German market,” said Hartlieb Dausend, CEO of Dausend Group.