Debt buyer PRA Group announced Monday it will expand into the German debt purchase market, just more than a year after the global acquisitions of Aktiv Kapital and Pamplonas IVA servicing platform.
Alexander Holzgreve, managing director acquisitions Europe for PRA Group, said, "Building a dedicated consumer insolvency purchasing business will enable us to provide an enhanced competitive offering to our existing and prospective client base in the German market.
"This transaction is another example of how PRA is leveraging the 2014 acquisitions of Aktiv Kapital and Pamplona's IVA servicing platform to further expand into new markets and enhance our competitive position, said Steve Fredrickson, chairman, president and chief executive officer at PRA.
PRA's $880 million acquisition of Oslo, Norway-based Aktiv Kapital, announced in February 2014, was one of the largest deals in accounts receivable management history. Acquisition terms required PRA to assume about $435 million of Aktiv Kapital's corporate debt, putting the total enterprise value for the deal at $1.3 billion.The two companies combined to become one of the world's largest acquirers of non-performing consumer debt from banks and other creditors, with more than $4.6 billion in estimated remaining collections from customers.
PRA's acquisition of Pamplona's platform also was announced in February 2014. That deal included the hiring of Berardi, who at the time was leading a management and analytical team for Pamplona.