Member Article

Leeds’ International Personal Finance acquires £23.8 million Estonian firm

Leeds-based home credit business International Personal Finance plc (IPF) has announced that is has agreed the acquisition of London and Estonia-based MCB Finance Group plc for a consideration of £23.8 million.

The board of IPF say that MCB’s business will benefit greatly from ownership by a strongly capitalised and well-funded parent.

IPF operates a home credit business serving 2.6 million customers in eight countries (Poland, the Czech Republic, Slovakia, Hungary, Mexico, Romania, Lithuania and Bulgaria), with plans to commence trading in Spain in 2015.

The IPF Group provides small sum unsecured cash loans ranging from approximately £100 to approximately £2,000.

MCB is a consumer finance company providing fast, convenient and flexible credit products under theCredit24 brand to retail customers in Finland, Estonia, Latvia and Lithuania and, more recently, in Australia.

Gerard Ryan, CEO of IPF, said: “MCB brings new digital products, distribution channels and an experienced management team, all of which complement IPF’s existing business.”

Dr. Anton Mayr, chairman of MCB, said: “The Directors believe that IPF’s offer represents good value for MCB Shareholders, striking an attractive balance between the future opportunities and risks facing the business, and the Directors have therefore decided unanimously to recommend the offer.

“We believe IPF’s management, industry experience and balance sheet strength will increase the options available to MCB and enhance its future growth prospects”

IPF is being advised by Evercore in relation to the Acquisition. MCB is being advised by Torch Partners. Sanlam is Nominated Adviser and broker to MCB.

This was posted in Bdaily's Members' News section by Clare Burnett .