Shipowner Boosts Stake in Debt Collection Agency, Now Europe's Largest

John Fredriksen, best known for being the world's largest tanker owner, has boosted his stake in debt collection agency Aktiv Kapital to nearly 40 percent. He bought up shares held by Norwegian investors Oeystein Stray Spetalen and Aktiv's founder, Jon H Nordbrekken.

Both Spetalen and Nordbrekken logged huge gains on the sale of 4 million shares. Spetalen pocketed around $25 million and Nordbrekken $20 million by selling 2.2 million and 1.8 millions shares to Fredriksen respectively.

The deal leaves Fredriksen as major owner in Aktiv Kapital, which was founded by Nordbrekken in 1991. It now is stocklisted in the Nordic countries and in England and has around 450 employees.

Aktiv also has bought up another large block of non-performing consumer loans from a British finance company that it now will try to collect on. Aktiv paid $52 million to lay claim to loans totalling some $935 million.

Aktiv chief executive said the deal makes Aktiv the biggest collection agency in Europe, and one of the few Norwegian finance companies to go international.

Aktiv's business areas focus on debt collection activities, the purchase of non-performing loans, and administrative and financial services. Its debt portfolio currently totals around $8 billion.

Its share price has zoomed on stock exchanges recently because of growth in revenues, profits, cash flow and equity. Chief executive Olav Dalen Zahl insists the growth can continue.

For Fredriksen, the deal offers diversification. His fortune, built on shipping over the past several decades, is estimated at some $2.5 billion.