Press release 28.12.2004
ABN AMRO’s FI Equity Partners acquires a 24.9% stake in GFKL Financial Services AG
FI Equity Partners, a private equity fund owned by ABN AMRO, has today acquired a 24.9% stake in GFKL Financial Services AG (GFKL), the German leasing and receivables management company.
Founded in 1992 and based in Essen, GFKL’s activities include leasing of movable investment goods and the acquisition and management of receivables portfolios and non-performing loans. GFKL has a branch network covering the whole of Germany. Shareholders include Goldman Sachs, ERGO Versicherungsgruppe and WestLB AG. In the first six months of 2004, GFKL generated revenues of EUR 227 mln and a net profit of 10.2 mln. The company has 746 employees.
FI Equity Partners is a specialised private equity fund focused on taking non-strategic equity stakes in financial services companies, primarily across Europe and Asia.
FI Equity Partners will acquire a stake of just below 25%, the majority of which will be through newly issued shares. None of the institutional and corporate shareholders of GFKL will sell shares. WestLB AG has subscribed to new shares in order not to dilute its shareholding of just below 5%.
Dr Peter Jänsch, Chairman of the Executive Board of GFKL, said: »The new capital provides GFKL the room to grow, organically and through acquisitions. We would like to grow both our Leasing and Financial Outsourcing divisions, to further enhance our position in the market.«
Arnold van Os, Managing Director of FI Equity Partners, said: »GFKL has very strong growth prospects within receivables management and non-performing loans, a leading position within equipment leasing and a high quality management team with a clear vision and excellent track record.«
The transaction is expected to close in January 2005.
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GFKL Financial Services AG Information:
Founded in 1992, GFKL Financial Services AG is a leasing and financial outsourcing corporation operating a nation-wide network of branches in Germany. The core competencies of the Group encompass financing of investment assets as well as the assessment, acquisition and administration of receivables portfolios. As a holding company, GFKL Financial Services AG provides centralized services for several operational subsidiaries. These corporations offer a spectrum of services that covers the entire value chain in the financing of mobile investment assets:
- Closing of in-house leasing, rental and finance-purchase agreements
- Administration of credit and leasing portfolios
- Refinancing of leasing companies
- Securitizing and sale of mobile investment assets
- Business software, services and consulting for a complete range of receivables collections models
Some of the key shareholders of GFKL Financial Services AG are subsidiaries of ABN AMRO Bank, Goldman Sachs Group, Inc. and ERGO Versicherungsgruppe AG as well as the Westdeutsche Landesbank AG. The staff functions of the group of companies are consolidated at GFKL Financial Services AG as the conglomerate´s holding corporation.
GFKL Group employs about 660 staff members who produced Group revenues of EUR 539.5 million in 2004 and after tax Group earnings of EUR 14.1 million. In the past fiscal year, profits on shareholder equity came in at 18.5 percent.
FI Equity Partners
FI Equity Partners is a specialised private equity fund focused on taking non-strategic equity stakes in financial services companies, primarily across Europe and Asia. It was founded in 2003 and has EUR 500 mln in funds, committed by ABN AMRO. The fund has offices in Amsterdam and Hong Kong. Since its inception it has made several financial services related investments, the largest of which is an USD 100 mln investment in Korea Exchange Bank.
ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 637 bln (as at 30 September 2004). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 104,000 full-time equivalents worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges. ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients in three home markets – the Netherlands, the US Midwest and Brazil and in a number of selected growth markets. Private Clients & Asset Management provides private banking services to wealthy clients and investment products to financial intermediaries and institutional clients.
GFKL Financial Services AG
Dr. Till Ergenzinger
Limbecker Platz 1
D-45127 Essen
Phone: +49 (0201) 102-1170
E-Mail: pr(at)gfkl.compr@gfkl.com
FI Equity Partners / ABN AMRO
Alex Evans
Phone: +44(0207) 678 5111
