Coface, a large French company offering credit insurance and credit management services, has taken over the controlling interest in the company  Midt Factoring A/S located in Ikast, Jutland. Coface aims to get a pearhed for growth in Denmark and the rest of Scandinavia. For the time being the vendor EBH Bank will keep 25% of the shares in Midt Factoring, writes the financial daily Børsen.

It is a deal worth about EUR 35 million. Coface is part of the large French group Natixis whose share capital is of EUR 12 billion. Consequently Midt Factoring will get a large and expanding player within credit insurance and factoring as owner.

Natixis is a merger of  Natexis Banque Populaire (the group Banque Populaire ) and Ixis (the group Caisse d’Epargne). Nine months ago Coface bought 10 % of the Danish company.

“The potential for growth in Scandinavia is large, but it requires that a strong international partner takes the next step. ”That we will get with Coface”, states CEO Vagn Thorsager at Midt Factoring.

CEO, Benoit Claire, Coface Deutschland, who owns the Danish holding, calls Midt Factoring ”the perfect pierhead for further expansion”.

The Danish company offers a large spectrum of services like factoring,  risk management and financial services.  There are 125 employees in Ikast and Copenhagen.