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Slide #62. Encore Capital Group, Inc. — Controlling Stake in Cabot Credit Management
Encore Capital Group, Inc. (NASDAQ:ECPG)
Controlling Stake in Cabot Credit Management
Encore Capital Group, Inc., a leading U.S. debt management and recovery company (NASDAQ: ECPG), today announced an agreement to purchase 50.1 percent of the equity interest in Cabot Credit Management (CCM), held by funds advised by J.C. Flowers & Co. LLC ("J.C. Flowers & Co."), for 128 million (approximately $192 million). Encore has the option to purchase the remaining company interest during the period from the fourth anniversary to the sixth anniversary of closing. The transaction is expected to close in the third quarter.
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.
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Buy (3.20 out of 4)