Context

B2Holding has acquired Nacc from the French private equity firm Pragma Capital, which had been the majority shareholder since a 2015 LBO. The transaction values Nacc at an Enterprise Value <€100 million. This deal was preemptive; while Nacc originally sought UK-based financing to fund its portfolio acquisitions, the process attracted B2Holding’s interest. The exit also marks the departure of ActoMezz, which had supported Nacc since 2015 with junior mezzanine and €15 million in business-specific bond lines. Under Pragma's ownership, Nacc significantly accelerated its debt purchasing, investing €68M in portfolios over the 2016-2017 period. The integration into B2Holding will provide Nacc with the pan-European scale and capital access required to further expand its share of the French NPL market.

Target

Founded as a specialist in debt acquisition and recovery, Nacc is a prominent French player focused on "non-performing corporate loans" (NPLs) for its own account. The company distinguishes itself through its ISO 9001 certification, a quality standard that reassures banking institutions during the offloading of doubtful debts by protecting their brand image. While its core business is corporate debt, approximately 15% of its turnover is derived from consumer credit services for third parties (banks and e-commerce sites).