Swedish ARM Firm Sergel Acquires Lithuanian Collection Agency

Stockholm, Sweden-based Sergel Kredittjänster Wednesday announced the acquisition of UAB Creditcollect of Lithuania. Terms of the deal were not released. Sergel is one of the leading companies in the debt collection and accounts receivable management industry in the Nordic countries.

“Our expansion in the Nordic countries has been successful, and the Baltic countries are the natural next step for us,” says Magnus Melberg, CEO, Sergel Kredittjänster.

Sergel aims at becoming a leader on the Nordic and Baltic markets, according to a press release.

Sergel started its operations in Sweden in 1988. In 1998, the company expanded to Denmark. In 2006, Sergel launched its operations in Finland, and last year the company acquired Moneto Kapital AS in Norway. The acquisition of UAB Creditcollect is the first acquisition in the Baltic market, but will be followed by others, according to the company. The acquisition mirrors recent moves by Nordic debt collection agencies ("Favorable Collection Laws Boost Scandinavian ARM Success," March 18).

UAB Creditcollect provides accounts receivable, collection and debt surveillance services to transaction-intensive companies. The company was established in 1999 and until March 2006 was known as JSC ?vilgsnis i? ar?iau.

“The acquisition of UAB Creditcollect makes us directly one of the leading players in a rapidly growing market. At the same time, we can now provide our global customers with services through our own company in yet another country,” said Melberg.

Sergel is a leading provider of debt collection services. The company provides credit scoring, billing, accounts receivable, collection and debt surveillance services to transaction-intensive companies. Sergel employs about 350 people, and the company’s net sales amounted to $75.7 million in 2007. The company was established by and is currently owned by Stockholm-based publicly traded telecommunications provider TeliaSonera.