SAN DIEGO, June 13, 2013 /PRNewswire/ -- Encore Capital Group, Inc. (NASDAQ: ECPG) announced today that it has closed its acquisition of Asset Acceptance Capital Corp. All operating subsidiaries of Asset Acceptance are now part of Encore Capital Group. Combined, Encore and Asset Acceptance have purchased over 60 million individual consumer accounts, including credit card, telecommunications, consumer loans and other related assets, with a face value of over $130 billion.
"The acquisition of Asset Acceptance provides us not only with an additional portfolio, but also with valuable operations capabilities and synergy opportunities," said Encore's President and CEO Ken Vecchione. "Consumers also stand to benefit as we extend Encore's industry-leading Consumer Bill of Rights to millions more people who are on their way to financial recovery."
The combined platforms will allow for deeper consumer insights and analytics, which will help achieve more focused segmentation and targeting to drive better collections. Encore will also leverage its lower cost platform, including its global footprint, to drive down Asset Acceptance's cost-to-collect. Additionally, Asset Acceptance has a well-established internal legal group, which will accelerate Encore's internal legal initiative and bring more advanced technological capabilities to Encore.
Encore has been acquiring competitor portfolios since 2001 and has developed expertise in valuing, managing and integrating large transactions. Encore made two significant portfolio acquisitions last year alone and has already successfully integrated them into its operational platform. Encore also recently announced an agreement to acquire a controlling stake in United Kingdom and Ireland-based Cabot Credit Management, signaling the company's first international expansion."Acquisitions like these position Encore as a domestic and global leader in the consumer debt purchase and recoveries industry," said Mr. Vecchione. "These significant investments are a key component of our long-term growth plan, and the people that join us as part of these new relationships enhance our already deep, talented team."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV