Nordiska Kreditmarknadsaktiebolaget ("Nordiska") has acquired Umeå Release Finans AB ("Release Finans"). Together, the companies are projected to possess a total balance sheet surpassing 10 billion SEK, with an expected annualized pre-tax profit and synergies of around 200 million SEK for the year 2023.
The completion of the acquisition is expected in the first quarter of 2024. In addition to reinvesting in Nordiska's shares, the acquisition is funded using existing resources and Tier 2 bonds.
"It is fantastic that we have succeeded in agreeing to acquire Release Finans and it is an important step in our continued journey to become a leading financing house in the Nordic region for small and medium-sized companies. Release Finans is a well-managed and competent company that fits well into Nordiska's partner business while clearly strengthening our offering to small and medium-sized companies..." - Mikael Gellbäck, CEO Nordiska
Nordiska is a financial institution that provides financing and technological solutions to companies and partners through its Banking-as-a-Service solution. It was founded in 2014 and has approximately 75 employees. Nordiska operates as a credit market company supervised by the Financial Supervisory Authority.
Release Finans is a financial institution established in 2014 and has 37 employees. They have a turnover of over 800 million and total assets of around 1,5 billions. Release finance offers financial products including Leasing, Renting, Functional Renting, and circular, operational rental products like Rent & Return.