Cerberus Capital Management has just put the sales signal over Gescobro, its credit recovery company in Spain. According to several sources listened by La Información, the North-American fund is completing the five-year disposal programme established when it acquired the credit recovery society from the Spanish fund Miura, back in 2014.

The same media added that Ceberus aim is to obtain around €350 million with the deal, although the final price will depend on how the sales process will go on. Alantra is advising Cerberus on the sales process, which is expected to last until the end of first semester, at least. The non-bidding offers phase is now open.

The sales value is based on the significant portfolio of bad credit acquired by the company over the last few years from the main Spanish financial entities, and whose gross asset value totals more than €8.6 billion. More precisely, Gescobro owns 12 unsecured credit portfolios with a gross book value of €8.3 billion and other two secured credit portfolio with a gross nominal value around €300 million.

Estimated recovery procedures pending amount to almost €600 million over the next 15 years.

Besides, Gescobro has “servicing” agreements with the majority of the main Spanish banks, being responsible to manage and recovery their non performing credits. In total, these business area means other €3.5 billion third party owned under management. Among these last ones, there is the recently acquired «Mauser Project».

Established in 1980, Gescobro is specialist in non-secured credit from SMEs.

Original Story: La información | Pepe Bravo
Photo: Cerberus online
Edition:Prime Yield