Bibby buys in Sweden
BIBBY Financial Services has expanded its operations in Europe with the acquisition of a Swedish invoice finance firm.
Liverpool-based Bibby, which specialises in invoice finance and factoring, said it had bought Kopparberg Finans of Ljusnarsberg, central Sweden, for an undisclosed sum.
The group already has interests in Germany, Poland, France, Ireland and the Czech and Slovak republics as well as America, Australia, Canada, Hong Kong and India.
Kopparberg Finans was established in 2005 and now has more than 50 clients on its books.
Mark Cleaver, European chief executive of the Bibby Financial Services Group, said: “We have set ourselves a challenging growth objective and in order to achieve this we are continually looking for opportunities to move the business forward.
“We believe that this acquisition will bring real value to this group and are delighted that Thomas Gustafsson and his team have chosen to join us and as such, be part of our success.”
Thomas Gustafsson, managing director of Kopparberg Finans said: “Having looked at the innovative way that the Bibby Financial Services Group has grown its business in recent years, we are absolutely delighted to be involved in its future. The group is recognised as a leading contender in the market and we are delighted to be part of that.”
The deal follows the July acquisition of Aston Rothbury Factors, an independent factoring company based in Brentwood, Essex. The group said it had added 1,200 new clients to its books this year, up 11%.
