doValue Group Company Profile

Background

Overview

doValue Group is a leading European financial services provider specializing in the management of credit and real estate assets, particularly those arising from non-performing loans (NPLs). With over 20 years of experience, the company manages approximately €140 billion in assets under management (Gross Book Value) as of June 30, 2025. Operating across Italy, Spain, Greece, and Cyprus, doValue offers a comprehensive suite of services, including the servicing of NPLs, Unlikely To Pay (UTP) loans, early arrears, performing loans, master legal services, due diligence, financial data processing, and master servicing activities. The company's shares are listed on Euronext STAR Milan (EXM).

Mission and Vision

doValue's mission is to provide best-in-class services for the management of credit portfolios and real estate assets, adopting a distinctive, professional, conciliatory, and ethical approach with debtors. The company's vision is to lead the evolution of the servicing industry through investments in technology, strengthening strategic relationships with clients, and broadening its reference market.

Key Strategic Focus

Core Objectives

• Diversification and Expansion: doValue aims to diversify its service offerings and expand its geographic footprint to enhance its market position and resilience.

• Technological Advancement: The company is committed to investing in digitalization and technological platforms to improve service delivery and operational efficiency.

Areas of Specialization

• Credit Servicing: Management of NPLs, UTP loans, early arrears, and performing loans.

• Real Estate Management: Handling and development of real estate assets derived from non-performing loans.

• Ancillary Services: Provision of master legal services, due diligence, data management, and master servicing activities.

Key Technologies Utilized

• Digitalization Investments: doValue has committed €45 million for the period 2022-2024 to enhance its technological platforms, aiming to provide clients with continuous monitoring of their assets throughout their lifecycle.

Primary Markets Targeted

• Southern Europe: Italy, Spain, Greece, and Cyprus.

Financials and Funding

Funding History

• Initial Public Offering (IPO): doValue's shares were listed on the Milan Stock Exchange (now Euronext Milan) in 2017.

• Capital Increase: In 2024, the company finalized the acquisition of Gardant and successfully completed a capital increase.

Recent Funding Rounds

• Bond Issuance: In 2025, doValue completed the issuance of a new bond loan, which was used to repay the one issued in 2021.

Notable Investors

• Specific investor details are not publicly disclosed.

Utilization of Capital

• Acquisitions: The capital raised has been utilized for strategic acquisitions, including the purchase of Gardant in 2024 and the planned acquisition of coeo in 2025.

• Technological Investments: A portion of the capital is allocated towards digitalization and technological advancements to enhance service offerings.

Pipeline Development

Key Pipeline Candidates

• Gardant: Acquired in 2024, Gardant is a significant addition to doValue's portfolio, enhancing its capabilities in credit and real estate asset management.

• coeo: In July 2025, doValue signed a binding agreement for the acquisition of coeo, a move aimed at accelerating the company's diversification strategy into new verticals and geographies.

Stages of Development

• Gardant: Fully integrated into doValue's operations post-acquisition in 2024.

• coeo: Acquisition expected to close in November 2025, with integration plans underway.

Target Conditions

• Gardant: Enhancement of credit and real estate asset management capabilities.

• coeo: Expansion into new verticals and geographies, particularly in the DACH region and North-West Europe.

Anticipated Milestones

• Gardant: Full integration and realization of synergies in 2025.

• coeo: Completion of acquisition and integration in 2025.

Technological Platform and Innovation

Proprietary Technologies

• Digitalization Initiatives: doValue has invested €45 million for the period 2022-2024 to enhance its technological platforms, aiming to provide clients with continuous monitoring of their assets throughout their lifecycle.

Significant Scientific Methods

• Data Management: Utilization of advanced data processing techniques to manage and analyze large volumes of credit and real estate data.

• Due Diligence: Comprehensive assessment methodologies to evaluate asset quality and inform investment decisions.

AI-Driven Capabilities

• Asset Monitoring: Implementation of AI tools to monitor asset performance and predict potential issues, enhancing proactive management.

Leadership Team

Key Executives

• Manuela Franchi: Chief Executive Officer (CEO).

• Francesc Noguera: CEO of doValue in Spain.

Professional Backgrounds

• Manuela Franchi: Extensive experience in financial services, leading doValue's strategic direction and operations.

• Francesc Noguera: Formerly CEO of Altamira doValue, with a background in financial services and asset management.

Key Contributions

• Manuela Franchi: Overseeing the integration of acquisitions and driving the company's growth strategy.

• Francesc Noguera: Leading the transformation and innovation initiatives in Spain, including the rebranding of Altamira doValue to doValue.

Leadership Changes

Recent Appointments

• Miguel Biel: Appointed as the new head of the CEO's office and Director of Innovation, effective February 1, 2022. Previously Director of Agile Transformation at CaixaBank.

Predecessor Roles

• Miguel Biel: Succeeded by Francesc Noguera as CEO of doValue in Spain.

Market and Competitor Profile

Market Insights and Dynamics

• The European credit management and real estate servicing market is substantial, with significant growth potential driven by increasing non-performing loans and the need for specialized asset management services.

• A trend towards consolidation and digitalization is evident, with companies like doValue investing in technology to enhance service offerings and operational efficiency.

Competitor Analysis

• Intrum: A leading European credit management services company, offering similar services across multiple countries.

• Arrow Global: A UK-based company specializing in the purchase and management of non-performing loans and real estate assets.

Strategic Collaborations and Partnerships

• National Bank of Greece: Enhanced collaboration through the management of a €1.4 billion portfolio, with doValue acting as the sole servicer.

• CaixaBank: Appointment of Miguel Biel, former Director of Agile Transformation at CaixaBank, as Director of Innovation, strengthening ties between the two entities.

Operational Insights

• Market Position: doValue holds a leading position in Southern Europe, with a diversified portfolio and a strong presence in Italy, Spain, Greece, and Cyprus.

• Competitive Advantages: The company's focus on technological innovation, strategic acquisitions, and a comprehensive service offering provides a competitive edge in the market.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Expansion into New Markets: Continued geographic diversification, particularly in the DACH region and North-West Europe, through acquisitions like coeo.