Solvia purchase and strategic realignment with Intrum and Banco Sabadell
Norwegian company intervene recently completed its purchase of Solvia by acquiring 20 percent of the capital that Banco Sabadell held in the firm. In effect, the Alicante-based bank has fully separated from the real estate subsidiary that Solvia operates, a move tied to assets that were on Sabadell’s balance sheet due to embargoes. The integration process reached its conclusion as Solvia moved to streamline the business away from non-core assets within the commercial finance side of the group.
In 2019, Solvia Servicios Inmobiliarios joined the Grupo Intrum structure in Spain after Sabadell and the Swedish fund agreed to assume control. The aim has been to unwind segments of the business that are not central to core financial services. Although the price for the new share package has not been disclosed, Intrum previously paid 241 million euros for an 80 percent stake, creating a capital gain of 138 million euros for Sabadell. Despite the partnership’s separation, the two entities still maintain service agreements. Solvia will remain responsible for the sale of houses and other assets associated with credit events, including non-payment situations that the bank must address today, under the current arrangements.
Solvia’s main business center remains in Alicante, with its iconic location on Calle Ebanistería. The company supports a large workforce in the province, operating through its expansive network of street-level dealerships and the Solvia Stores chain. The transaction, according to Intrum, strengthens its commitment to the Spanish market and its leadership in the service sector while preserving a close relationship with Banco Sabadell, with whom it has collaborated for more than eight years. Intrum also bears responsibility for credit management and debt collection within this framework.
In recent years, Solvia has established itself as a reference point in Spain’s real estate sector, managing more than 150,000 assets across a range of products. The business model includes a robust commercial network and an array of assets under management. Note: this text reflects Intrum’s perspective on the ongoing collaboration and market position.
Solvia launches a new business unit focusing on new construction rentals from Alicante
Accounts filed at the Trade Registry show a turnover of 158.1 million euros for the firm, with figures surpassing pre-pandemic data from the previous year and marking a 46.3 percent rise over 2020. The business also posted strong profitability, with a net profit of 35.5 million euros reported for the most recent year. Despite multiple integrations within the group, Solvia continues to maintain one of its main centers in Alicante, enduring a considerable local presence in the province with a team of around 280 employees, according to union sources.
Ideal moment
When asked about the reasons behind the operation, Jose Luis Bellosta, Intrum Spain managing director and Solvia chair, described the move as an ideal moment to complete the corporate consolidation by continuing the service contracts already in place. Banco Sabadell’s CEO Cesar González-Bueno emphasized the smooth execution of the agreement with Intrum during this transition period, noting that the bank intends to unwind real estate assets as part of the Asset Protection Plan while maintaining the service alliance as the asset’s reference provider. This transition is positioned as a necessary step to digest the legacy of CAM while preserving a stable service framework for the remaining assets.
Intrum and Banco Sabadell began collaborating in 2014, with Sabadell outsourcing the management and collection of assets to Intrum. The partnership intensified in 2019 with Intrum’s acquisition of Solvia Servicios Inmobiliarios and a contract for managing and selling Sabadell’s foreclosed assets. Intrum describes itself as a leading provider of credit and wealth management services with a presence in 24 countries, supported by more than 10,000 professionals serving tens of thousands of companies across Europe and Latin America. [Source: Intrum]