|This Slide: #13 of 100|
Slide #13. Encore Capital Group — Controlling Interest in Grove Capital Management
Encore Capital Group (NASDAQ:ECPG)
Controlling Interest in Grove Capital Management
Encore Capital Group, Inc. (Encore), an international specialty finance company (NASDAQ: ECPG), today announced that it has entered into an agreement to take a controlling stake in Grove Capital Management (Grove), an investment group that purchases credit portfolios and has a focus on UK insolvencies and Spanish assets. The transaction, which is subject to regulatory approval, is expected to close late in the first quarter or early in the second quarter of 2014.
Encore Capital Group is an international specialty finance company providing debt recovery solutions and other related services for consumers across a range of financial assets. Co. primarily purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers' unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Co. also provides debt servicing and other portfolio management services to credit originators for non-performing loans.
ECPG SEC Filing Email Alerts Service
Open the ECPG Page at The Online Investor »
Buy (3.20 out of 4)