A Norwegian company completed its purchase of Solvia by acquiring 20 percent of the capital that Banco Sabadell holds in the firm. In doing so, the Alicante-based bank fully separated from the real estate subsidiary that had been responsible for assets that appeared on its balance sheet due to legal embargoes.
The deal marks the end of an integration phase. In 2019, Solvia Servicios Inmobiliarios joined the Grupo Intrum structure in Spain after a deal between the Swedish fund and Sabadell to acquire the company. The operation involved divesting parts of the business that were not core to commercial finance.
Although the exact amount of the new share package was not disclosed, Intrum paid 241 million euros for 80 percent of the entity that Sabadell had originally acquired, generating a capital gain of 138 million euros for the bank.
Even with the partnership separated, both parties continue to maintain service contracts. In practical terms, Solvia will remain responsible for the sale of houses and other assets that the bank must manage as a result of loan non-payments, as is currently the case.
From Intrum, the transaction is described as strengthening its commitment to the Spanish market and reinforcing its leadership in the service sector. The arrangement also preserves a close relationship with Banco Sabadell, with whom Intrum has collaborated for more than eight years, including responsibilities in credit management and debt collection.
In recent years, Solvia has established itself as a reference point in Spain’s real estate sector, managing more than 150,000 assets across various product types. Beyond the Solvia Stores network, it maintains an extensive commercial presence with street-level dealerships.
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According to accounts filed with the Trade Registry, the firm reported 158.1 million euros in turnover, surpassing pre-pandemic figures from the previous year with a 46.3 percent increase over 2020. It also posted robust profitability, recording a profit of 35.5 million euros last year.
Despite several business integrations, Solvia keeps a key center in Alicante, on Calle Ebanistería in the capital of the province. The organization employs around 280 people in the region, according to labor union reports.
ideal moment
The managing director of Intrum in Spain and chair of Solvia, Jose Luis Bellosta, described the move as the ideal moment to complete the corporate consolidation while continuing the service contracts that have linked the two companies for years.
The chief executive of Banco Sabadell, Cesar González-Bueno, stressed the smooth execution of the arrangement with Intrum during this phase and its role in the Asset Protection Plan. He noted that once this stage is finished, the bank would sell its minority stake and maintain the alliance as the asset’s reference service provider.
Intrum and Banco Sabadell began collaborating in 2014 when Sabadell outsourced Intrum’s management services and asset collection. In 2019, the partnership deepened with Intrum’s acquisition of Solvia Servicios Inmobiliarios and a contract for managing and selling Sabadell’s foreclosed assets.
Intrum stands as a leading European provider of credit and wealth management services with a presence in 24 countries. The group employs more than 10,000 professionals serving nearly 80,000 companies across Europe and Latin America.