Asset Acquisition Group LLC, a Denver company that buys consumer debt, has purchased a $240 million portfolio from a large national bank it did not identify.
The purchase, disclosed last week, is one of the largest for the company since it opened in 1992, according to Donna J. Meier, its president and chief executive. It has an "amplified acquisition plan for 2010," she said.
"Since mid-2007 we reduced purchasing and adapted our business plan as we saw early indicators of the economic decline," Meier said. 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," she said.
For several years Asset Acquisition Group has focused on niche debt categories while backing away from credit card deals, said Rob Rosales, its director of business development. Now it expects to buy bank card and private-label portfolios "opportunistically from originators with their auto, student loan and other consumer notes."