Avida has signed an agreement to sell the company's portfolio of overdue Finnish private loans to the debt collection company Modhi. The sale is the first transaction of this type for Avida, and it will be followed by several similar sales in the future.
“We experienced great interest in the market for our Finnish private loan portfolio”, says Pehr Olofsson, interim CEO at Avida. After an initial phase with several stakeholders on the buying side, we chose to sign an agreement with Mohdi and their Finnish operations as they offered the best overall solution for us and Modhi has been very transparent and easy to work with in this process. We see that this sale will be followed by several others in the future as we now have a well-functioning process and organization in place, and we have shown the market that we are a player to be reckoned with.”
For Modhi, the deal is an important step to become a leading pan-Nordic debt collection company.“We are pleased to announce a large portfolio acquisition in Finland and proud of the trust given by Avida to be able to continue to work with these loans. Avida has shown great understanding for our need of high-quality data and been very solution oriented throughout the process and negotiation. We are prepared for further growth in Finland and other Nordic countries.” says Mikko Dammert, CEO at Modhi Finland.