Executive Change: ULTIMO Appoints Geoffrey Ognall Chairman of the Board

ULTIMO Spolka z o.o, Poland’s leading debt purchase and collection business, is pleased to announce Geoffrey Ognall’s appointment as Chairman to its Supervisory Board.

Supported by its majority shareholder, leading global private equity firm Advent International, ULTIMO’s strategy is to build a multi-asset debt collection platform scalable to that of other Central European countries through both organic growth in a strong performing local market and acquisitions. Mr Ognall’s solid background in the international accounts receivables market will be a great asset to the company. 

He started his financial career with the United Kingdom-based Legal & Trade Financial Services Ltd (LTFS) in 1964. In 1998, LTFS merged with IntelliRisk Management Corporation (IRMC), a premier provider of customer management solutions specialising in collections and accounts receivable management through 33 offices worldwide. Between 2000 and 2004, Mr Ognall was International Executive Chairman. He was directly involved in many of the company’s fifteen acquisitions and their integration within the group, which included several appointments as Executive Chairman to some of their largest subsidiaries in Canada, the UK and Ireland.

Since he left IRMC he has maintained his involvement and network in the industry, and remains a member of the highly prestigious International Collectors Group. He also became chairman of MoneyExpert Ltd. in the UK – a financial services online aggregator. In addition, he has acted as an advisor to CitiGroup Venture Capital International; m2m, an online international marketing business; is deputy chairman of eWaterways, an online International travel services aggregator, and is on the Advisory Board of Israel Discount Bank in London.

Mr. Ognall said: “I am excited about adding value to this growing business, with a first class management team in such an emerging market region. The prospects for substantial growth are undeniable, and ULTIMO is extremely well placed, with the support of Advent International, to expand both organically and internationally

Anna Gaw?ska-D?browska, CEO of ULTIMO, said, “The Polish debt purchase and collection market is in its developing stage and needs the support of experienced consultants. ULTIMO being one of the major players wants to take full advantage of any practically verified advice. I strongly believe that with Geoffrey’s help we will be able to shorten the test periods of many innovative solutions in the collection process, IT system and valuation methodologies. His international experience brings confirmation to our achievements, inspiration for collection teams’ management and motivation and strengthens development ideas and directions. We hope for a very productive co-operation with our new Supervisory Board Chairman.”

Founded in 2002, ULTIMO is Poland’s leading debt purchase and collection business. Transitioning from start-up to market leader within the space of only five years, ULTIMO’s success has been built on a detailed knowledge of the Polish debt market and the sophistication of its operating platform. Employing over 400 staff, the business is driven by efficient technologies, high quality data, strong risk analysis skills, sensible portfolio pricing and a well-developed nationwide collection infrastructure supported by a large call centre. The company buys portfolios of mainly retail debt from financial institutions and corporations. It also manages debt collection on behalf of companies.

Founded in 1984, Advent International is the leading global mid-market buyout firm, with buyout offices in 15 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 115 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue and profit growth in portfolio companies. Since its inception, Advent has raised over $24 billion in private equity capital and completed more than 200 buyout and private equity transactions valued at over $36 billion in 35 countries.