Debt buyer Portfolio Recovery Associates Inc., based in Norfolk, Va. and operating in the U.S. and U.K.,  announced Tuesday the acquisition of certain operating assets from Pamplona Capital Management LLP (PCM).

These assets include PCM's IVA Master Servicing Platform, and other operating assets associated with PCM's IVA business. IVAs, or individual voluntary arrangements, are a formal alternative for U.K. consumers to primarily avoid bankruptcy.    
The deal also includes the hiring of PCM's IVA management and analytical team, led by Andrew Berardi, who has been instrumental in establishing PCM as a leading competitor in the U.K. IVA market.
The transaction is scheduled to close on or before June 30. PRA plans to continue to operate out of PCM's existing facilities during a short transition period after closing. During that period, PCM will provide certain ongoing services and support to the PRA IVA team to effect an orderly move to a new location. PRA plans to locate the new office in London to provide easy access for its seller, insolvency practitioner and vendor partners.
"PRA's strong operational skills and long-term commitment to the debt buying industry give us great comfort as PRA takes over as Master Servicer for our IVA portfolio," said Yves Leysen, managing partner with PCM.
"Pamplona has built an impressive IVA organization over the last few years and experienced significant success. We are very excited about the purchase and look forward to helping Andrew and his team as they continue to grow their business," said Mike Petit, president, bankruptcy services, PRA.
"This transaction will expand PRA's presence in the U.K. and build on our successful acquisition of U.K. consumer debt since 2012. Our U.S. bankruptcy business has become a significant contributor to our bottom line and we anticipate solid growth opportunities from our new U.K. insolvency business as well," said Steve Fredrickson, chairman, president and chief executive officer, PRA.
The company will have more to say to shareholders about its U.K. business and this transaction when it reports fourth quarter and full year 2013 earnings before the end of the month.
About PRA
As a leader in the U.S. debt buying industry, Portfolio Recovery Associates, Inc. (PRA) returns capital to banks and other creditors that helps expand financial services for consumers. PRA collaborates with its customers to create affordable, realistic debt repayment plans. The company also provides a broad range of fee-based services to local governments and law enforcement, auto lenders and insurers, businesses and institutional investors, global hedge funds, and U.K. banks and creditors. 
In 2013 and 2012, PRA was named one of  Fortune's 100 Fastest-Growing Companies and one of the Top 25 Forbes' Best Small Companies in America. PRA has been annually ranked on the Forbes list since 2007. For more information, please visit  www.PortfolioRecovery.com.
About Pamplona Capital Management

Pamplona Capital Management, LLP (PCM) is an investment manager that provides alternative investment platforms across private equity, fund of funds and single manager hedge fund investments. PCM currently manages over $6 billion in assets for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. For more information, please visit www.PamplonaFunds.com

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