doValue SpA has completed the acquisition of 100% of coeo Group from Waterland Private Equity. To maintain an asset-light business model, doValue plans to divest the portfolio of loans currently held on coeo’s balance sheet to a third-party investor for approximately €60–€70 million. The acquisition was financed via a €325 million bridge-to-bond facility. The strategic rationale for this transformational deal is to accelerate doValue’s diversification into the fast-growing BNPL and e-commerce segments while securing a strong foothold in Germany and Northern Europe. By integrating coeo’s "cAI" technological ecosystem, doValue significantly enhances its AI-driven automation capabilities, allowing it to manage higher volumes with superior efficiency. The merger shifts the group’s pro-forma revenue composition, with non-NPL revenues expected to reach approximately 55% by 2026. This move not only expands doValue’s geographic reach but also introduces a highly recurring and visible revenue profile through coeo’s established relationships with blue-chip multinational clients. The deal positions the combined entity as the leading AI-powered credit management platform in Europe, setting new standards for digital debt collection and customer experience.

Founded in 2010, coeo Group is a leading European tech-driven and AI-led receivables management company. The group specializes in the digital management of non-financial, high-volume, and small-ticket unsecured receivables, particularly within the e-commerce, Buy-Now-Pay-Later (BNPL), telecommunications, and utility sectors. Its value proposition is centered on its proprietary AI ecosystem, "cAI," which enables the fully automated processing of customer interactions—both written and by phone—without manual intervention. coeo’s business model traditionally combined debt servicing with selective debt purchasing, though it has transitioned toward an asset-light model under new ownership. Strategically, the company focuses on operational excellence and consumer behavior insights to achieve high recovery rates in the early stages of arrears. Headquartered in Germany, coeo has established a significant international footprint across eight countries, including the DACH region, the Benelux, and the Nordics, serving a diverse base of blue-chip multinational clients.