Bregal Investments (“EMK”) and the EQT VII fund (“EQT”) announced on Friday that EQT has entered into an agreement to acquire BlueStep Holding AB (“BlueStep Bank” or “the Company”) from funds managed by Bregal Capital LLP and advised by EMK Capital LLP, and other owners.
Since its foundation in 2005, BlueStep Bank has pioneered the specialist mortgage market in Sweden and Norway. By a differentiated approach to customer on-boarding and loan underwriting, focusing on the customer’s underlying loan servicing ability, BlueStep Bank has provided more than 29,000 customers with loans since inception, building a loan portfolio of SEK 13 billion. BlueStep Bank is headquartered in Stockholm, Sweden and has approximately 200 employees.
The transaction is subject to ownership approval from the Swedish Financial Supervisory Authority and from competition authorities, and is expected to close during fourth quarter of 2017. The parties have agreed not to disclose the transaction value.
Carnegie acts as financial adviser to EMK in connection with the transaction.