Novapars Capital, an investment company headquartered in Naarden, the Netherlands, announced it has reached agreement with the bankruptcy trustees of DSB Bank to acquire the German loan portfolio of DSB. Loan portfolios in The Netherlands and Belgium are still part of the bankrupt’s estate.
The German portfolio consists of mortgage loans, civil servant loans and car loans. The total value of the portfolio is approximately € 115 million. In addition to the loan portfolio, the servicing organization in Germany and its 14 employees will also be included in the transaction.
Following an auction process, organised by the trustees, Novapars Capital was selected because it was able to offer the best combination of price – important for the creditors in the bankruptcy of DSB – and continuity of the business, in the interest of the borrowers with DSB loans in Germany.
Gerben Willems, managing director of Novapars Capital, is pleased with the completion of this complex cross-border transaction: “We can offer our equity investors the perspective of a solid long term investment with prospects of an attractive return. At the same time, we are confident that the people of the servicing organization Finanzdesk Kredit Management will be able to ensure continuity and good service to the borrowers.”
On behalf of NIBC, the debt provider of the transaction, Jan Willem van Roggen, Managing Director said: “We are very pleased we had the opportunity to work together with Novapars Capital on this interesting transaction. This young and ambitious investment company has presented itself as a highly professional and reliable party throughout the process.”