Arrow Global buys Norfin for €17 million
London-based investment company Arrow Global which hired former Portuguese finance minister, Maria Luís Albuquerque, has bought Norfin for €17 million.
Norfin property management company with a footprint in Portugal and whose shareholders include Alexandre Relvas and Felipe de Botton. It manages a property portfolio worth €1.5Bn.
Arrow Global already had a toe-hold in Portugal through the credit recovery company Whitestar. Now it also has the portfolio of Norfin Investimentos after acquiring 100% of its capital share. Maria Luís Albuquerque, who was finance minister for the last centre-right PSD government led by Pedro Passos Coelho, is a non-executive board member and consultant for the group.
Norfin, an asset and property management fund which manages around €1.5 million in investments and employs around 50 staff, was founded in 1999 and has João Brion Sanches (behind Lisbon development Prata Living Concept and Norfin CEO), Alexandre Relvas (board member of Logoplaste) and Felipe de Botton (CEO de Logoplaste) as shareholders.
According to a press release on Arrow Global’s site, the transaction’s initial cost was 15.1 million pounds sterling (€17 million), although there is also the possibility, depending on the business’s results, to an additional later payment to the sellers, which could top €33 million.
Norfin’s turnover stood at €6.7 million at the end of 2017 with pre-tax profits of €2.1 million.
Arrow Global was founded in 2005 and is quotes on the London FTSE and uses sophisticated analytical models to identify, acquire and manage distressed assets and loan default, mainly from banks and other financial institutions. It has operations in six markets: the UK, Portugal, Holland, Belgium, Italy and Ireland.