Lowell GFKL Group,a European leader in credit receivables management

backed by the Permira Funds and Ontario Teachers’ Pension Plan, today announces that it has entered into an agreement to acquire Tesch Inkasso Group from Avedon Capital Partners and the other existing shareholders. Closing is subject to certain regulatory approvals.

After acquiring Austrian IS Inkasso Service in April, this is Lowell GFKL Group’s second acquisition since its formation in October 2015. This complementary addition strengthens the Group’s position in its core German market. It underlines the Group’s ambition to build a pan-European business with leadership positions in each of its markets.

The transaction further improves diversification in terms of addressed

verticals and business mix.

It will deliver a range of synergies to the enlarged Group.

Tesch Inkasso is a leading German 3PC company with several thousand

unique clients and a volume of receivables serviced of c. €2 billion. Founded in 1985, it was acquired by Avedon Capital Partners in 2012

and has itself acquired Transcom CMS and Mediafinanz in recent years.

Lowell GFKL Group is considering various forms of financing to fund the transaction including loans and debt securities.

Tesch Inkasso has a leading position in the utilities and eCommerce

sectors and has complementary expertise to the Lowell GFKL Group in many other sectors. It shares the Group’s commitment to building long-

term client relationships and respectful, fair engagement with consumers.

The CEO of Tesch Inkasso Thomas Dold, will join the Group having

delivered strong organic growth and an impressive new client win rate over the past few years.