DLA Piper advises Hoist Finance on acquisition of debt purchaser Azzurro Associates

DLA Piper has advised Hoist Finance on an agreement to acquire UK debt purchaser Azzurro Associates, a specialist in SME Non-Performing Loans (NPLs), with a portfolio book value of GBP200 million. Under the agreement, Hoist Finance is to acquire the UK operations and UK and other European assets of Azzurro, including its FCA-regulated and SRA regulated entities, from the current owners, US investment manager Elliott Investment Management and several Azzurro senior executives.

Founded in 2017, Azzurro is a highly regarded, specialist debt purchaser and servicer with a client base that includes high street banks and financial institutions. The group has three operational centres in the UK, in Southampton, Northampton and Manchester, with approximately 180 full-time equivalents (FTEs).

Hoist Finance is an asset manager which specialises in non-performing loans and partners with international banks and financial institutions across Europe, acquiring their non-performing loan portfolios. It also partners with consumers and smaller companies in debt situations, creating long-term sustainable repayment plans. It is a regulated credit market company under the supervision of the Swedish Financial Supervisory Authority (SFSA) and is present in 14 European countries.

The acquisition is subject to customary conditions as well as regulatory approvals in the UK, the Netherlands and Sweden and is expected to be completed during 2026.

The DLA Piper team that advised on the transaction was led by Corporate partner Yunus Maka and senior associate James Sampson and supported by a wider team including Corporate senior associate Emily Scrowston and associate Jade Whittaker. Partner Tony Katz and senior associate Shabaz Ahemed advised on FCA regulatory aspects and Corporate partner Daphne Bens and Advocaat Sabine Botden advised on Dutch elements.