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Fitch rates Evergood 4 APS following Nets acquisition

Fitch Ratings on May 14 assigned a B+ long-term issuer default rating to Evergood 4 APS, the new majority shareholder of Danish payments provider Nets A/S through its Evergood 5 unit.

The agency said the key factor constraining the rating is the high leverage resulting from the acquisition of Nets, the growth strategy of which is underpinned by expansion in its merchant services business. Fitch added that it expects Nets' management to utilize a combination of organic growth and opportunistic bolt-on acquisitions to expand the company.

It also expects improved operating margins due to economies of scale and investments in the technology platform as Nets increases its revenue.

Evergood 4 APS is controlled by funds managed and advised by U.S. private equity company Hellman & Friedman LLC.