2024 Oct 04
AS PlusPlus Capital Majority Acquired by Consortium of Entrepreneurs
Decisions taken to implement the Reorganization Plan will be implemented unchanged
Tallinn, Estonia, 4 Oktober 2024. PlusPlus Capital (“PPC”), a leading pan-Baltic and Finnish technology-driven receivables management group, has been acquired through its parent company AS PlusPlus Capital by a group of entrepreneurs led by Frank Van Raemdonck and supported by Sacha Verveckken. The majority acquisition is an important step in revitalizing the Company and advancing the ongoing legal restructuring plan. The decisions taken to implement the restructuring plan will remain unchanged.
The acquisition creates significant synergies between AS PlusPlus Capital and Fraktion, a Belgian fintech company with a European crowdfunding license. With more than 15 years of experience in highly regulated technology projects, Fraktion intends to rebuild the stability of PlusPlus Capital. Frank Van Raemdonck, who has a personal connection to Estonia, is leading the transaction to create synergies with Fraktion’s platform that will support the restructuring efforts. Sacha Verveckken, a technology entrepreneur, is supporting Frank in this endeavor to expand Fraktion’s European footprint.
Frank Van Raemdonck, Member of the Management Board of Fraktion: “We are aware of the challenges ahead, but we are determined to get the Company back on track and ensure its long-term success. As part of this transition, there will also be changes to the Supervisory Board. We would like to thank the outgoing members, especially Mirje Trumsi, whose leadership and contributions have been crucial to the development of the Company. As entrepreneurial owners, we are committed to ensuring a steady return to stability and exploring opportunities for future progress“.
Kaarel Raik, Member of the Management Board of PlusPlus Capital: “With the new team around Frank, we are confident that the Company has the right leadership in place to effectively implement the ongoing restructuring plan and create a path to restore stability. We thank our existing investors for their continued confidence and support at this important stage of AS PlusPlus Capital’s journey“.
Contact:
PlusPlus Capital
Kaarel Raik, Member of the Management Board
Email: kaarel.raik@plusplus.ee
Phone: +372 56 606 148
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 120 thousand claims with nominal value of approximately EUR 270 million. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.