Asset Acquisition Group LLC, a debt buyer in Denver, purchased a $240 million loan portfolio from a large national bank. It is one of the largest purchases for the company since it opened in 1992, according to Donna J. Meier, president and chief executive, who added that the deal is part of an "amplified acquisition plan for 2010."
"Since mid-2007 we reduced purchasing and adapted our business plan as we saw early indicators of the economic decline," she says. That decision made the company "agile without the burden of the challenging portfolios from the last two years and able [to] implement 2010 purchasing plans."
Asset Acquisition Group for several years has focused on acquisitions in niche and specialty debt categories while backing away from traditional credit card deals, adds Rob Rosales, the company’s director of business development. But the company expects to buy bank card and private-label portfolios "opportunistically from originators with their auto, student loan and other consumer notes."
The company last year signed a contract with Latitude Software to customize a software platform for collections, outsourcing and acquisition management. It is scheduled to be ready by the end of the first quarter.