Private equity firm Corsair Capital (Corsair) is to acquire a majority stake in Axo AS (Axo), a leading distributor of financial services products in the Nordic region. Financial terms have not been disclosed.
Axo was founded in 2008 and is a specialist in consumer credit and loan brokerage, partnering with leading banks in the region to achieve optimal credit solutions for consumers. Axo’s approach enhances the consumer experience through market-leading acceptance rates and terms, and adds value for its banking partners by lowering customer acquisition costs and broadening their reach. In recent years, Axo has bolstered its digital capabilities and is now a sector leader in digital marketing.
Derrick Estes, Managing Director and Edward Wertheim, Principal at Corsair Capital, says: “We are thrilled to announce this investment in Axo. As the market leading broker for unsecured consumer loans in its home market – and with great traction across the Nordics – Axo represents an exciting growth opportunity. We look forward to working closely with Carl, Morten and the rest of the Axo team to support their continued expansion to become the leading Nordic distributor of innovative financial services products.”
Carl E Endresen, Group CEO and Morten Johansen, co-founder and CMO of Axo, says: “Today’s announcement marks the beginning of a new phase of growth for Axo. We are proud of the superior offering our team has built and are confident of our position and opportunities in the market. We are excited to partner with Corsair and look forward to working together to enhance our digital capabilities and deliver even greater value to our customers as we anticipate the acceleration of our growth and a greater share of the market throughout the Nordics and beyond.”
Morten Johansen and Carl E Endresen will continue both as shareholders and in their current roles in the Company. Following closing, executives from Corsair will join the board of Axo.
Arctic securities served as exclusive financial advisor to Corsair and William Blair served as exclusive financial advisor to Axo.
Closing of the transaction remains subject to regulatory and customary approvals.