London-based private equity house Palamon has sold Swedish consumer lender Nordax to investment firm Vision Capital.

London-based private equity house Palamon has sold Swedish consumer lender Nordax to investment firm Vision Capital.

The deal values Nordax at €105 million (£91 million). The company has 75,000 customers and €500 million outstanding in unsecured loans to ‘individuals of good credit standing across the Nordic region’.

Erik Ferm, a partner at Palamon, says that the firm has backed Nordax since it was established in 2003, adding that the sale to Vision Capital will generate a return of 3.7 times its investment.

Palamon retains investments in a number of other consumer finance businesses, including UK-based SAV Credit.

Vision Capital, which is headquartered in London, specialises in acquiring businesses from other private equity firms, financial institutions and corporations.