KRUK finalizes the takeover of the third-party debt collection company in Italy

KRUK has signed a contract to acquire 51% stake in Agecredit srl based in Cesena, operating on the Italian third-party debt collection market. The transaction will strengthen the development of the key segment of Group's operations – third-party debt collection business. Ultimately, within a few months, KRUK will own 100% of the company.

- We mark the next pillar of our development strategy - on the Italian market, several times bigger than in Poland, we will offer third party debt collection services. Agecredit is an older organization than KRUK, run by the same entrepreneur for over 20 years - in a way that we understand and appreciate. The company has effective operations and a solid base of business partners. KRUK will bring international experience and business relationships with the largest Italian banks, established in the process of purchasing portfolios on this market. The potential of the entire third-party debt collection market is huge and we estimate it at EUR 700-800m per year. We want to become an important player there. - says Piotr Krupa, president of KRUK S.A.

Agecredit has been operating on the Italian debt collection market since 1994. In 2017, it generated EUR 3.1m of revenues. Currently, it employs 68 people and has over 80 business partners from the most important sectors - banking, loan, telecommunications, e-commerce and others.

Current report: https://en.kruk.eu/investor-relations/reports/current-reports/current-report-no-14-2018-agreement-for-acquisition-of-shares-in-agecredit-s-r-l