Correction: Intrum Justitia Ireland Acquires Legal & Trade Collections (Ireland)

In a story run on CollectionIndustry.com yesterday under the headline ?Intrum Justitia Acquires Legal & Trade Collections?, it was incorrectly implied that credit management services firm Intrum Justitia, based in Sweden, had purchased all assets of UK-based Legal & Trade Collections. The deal that was announced yesterday was actually a divestiture of the Irish operating unit by Legal & Trade to Intrum Justitia Ireland, itself an Irish operating unit of the larger company. The announced price of the acquisition was 2.15 million Euros ($2.6 million) and creates goodwill of around 1.3 million Euros ($1.6 million).

The acquisition does solidify Intrum Justitia Ireland?s position as the market leader in Ireland. The combined company will employ about 65 people in its Dublin office in addition to a large field force.

Legal & Trade Collections (Ireland) Limited was established in Ireland 1980 and has a customer base of well-known telecom and financial service companies. It was a part of Legal & Trade Collections Limited, which is owned by IntelliRisk Management Corporation (IRMC), based in Ohio, USA.

Intrum Justitia is Europe?s leading Credit Management Services group. The group has revenues of approximately SEK 2.9 billion ($392 million) and has about 2,900 employees in 21 European countries.