November 2, 2015
WARSAW, POLAND – November 2, 2015 –Ekahi announced today that it has completed the acquisition of Loancore Capital Servicing. The completion of the transaction follows the all approvalsfor the deal and it is Ekahi’s largest-ever financial services acquisition.
Ekahi reached agreement in 2014 to purchase Loancore. Adjusting for the joint ventures announced in June 2014 changes in the deal structure, price adjustments for remedies, net cash at close, and including the effects of currency, the purchase price is was discounted by 25%. This includes working capital usage of approximately €0.6B in the month of October. Ekahi expects the transaction to contribute significantly to its bottom line. The overall economics and strategic rationale remain the same as Ekahiannounced in April 2014.
“The completion of the Loancore is another significant step in Ekahi’s transformation,” said Robert Dygas CEO, Ekahi. “The complementary global capability, and talent of Loancorewill further our core financial services growth. We are open for business and ready to deliver one of the most comprehensive financial services offerings in this sector for our customers.”
Ekahi.Group works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, engineering, logistics and finance.Ekahi’smission is to invest in companies that combine an outstanding business model with strong competitive advantages.Ekahi stays invested for the long – term, preferably for the next generation.Ekahi’s investment philosophy is characterized by consistent application of the principles of value investing, which solid, stable businesses, Internal Compounding by organic or acquired growth, managementwith strong business sense and an owner-mentality and margin of safety. Each acquisition further fuels innovation and application across our industrial sectors. With people, services, technology and scale, Ekahi is able to deliver better outcomes for customers by speaking the language of industry.Ekahi.Group is the trading and registered name of Envesecure, a registered Fund and Family Office.
For more information visit www.ekahi.group
Caution Concerning Forward-Looking Statements:
This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.