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Aldridge EDC and DDM bring in new partners in Greek investment

Certain funds managed by Ellington Management Group, a US-based investment manager, are to become minority shareholders in the Thea Artemis Greek Non-Performing Loans (NPL) servicing platform, subject to regulatory approval.

The Ellington Funds have also made an investment alongside DDM to participate in the income generated from the servicing and performance of the Artemis Portfolio. As a result of this transaction DDM’s investment will decrease by EUR15 million from EUR50 million to EUR35 million.
Thea Artemis was formed in July 2017 through a partnership between Attica Bank and Aldridge EDC, a specialty finance company and acquirer and manager of distressed assets.
Thea Artemis has a banking collection licence from the Bank of Greece and acts as a servicing platform for a EUR1.3 billion portfolio of NPLs disposed of by Attica Bank, Greece’s fifth largest bank with 61 branches nationwide (the Artemis Portfolio).
The investment of the Ellington Funds in Thea Artemis, a transaction which has been introduced by Clayton Euro Risk, reflects investors’ strong interest in one of Europe’s largest NPL markets. The transaction is expected to close in the second week of November.
Erik Fällström, Chairman of Aldridge EDC, says: “We welcome the investment of the Ellington Funds in the Artemis transaction, which underpins our strategic focus on Greece, our group’s work-out capabilities and will allow us and our partners to further expand our portfolio of distressed investments in the Greek market.”
Panagiotis Roumeliotis, Chairman of Attica Bank, says: “Attica Bank and DDM Holding AG structured this securitisation of NPLs as an innovative new way to refinance NPL portfolios, gain access to DDM’s expertise in managing NPLs and gain first mover advantage in consolidating and managing Greek Bank debt. We welcome the news of new partners in the servicing platform which will help us build the leading solutions platform for NPLs in Greece.”

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