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EOS Group, an international receivables management provider, announced it has entered the Spanish collection market through the acquisition of Acción de Cobro, the in-house debt collection company of Banco Pastor.
Acción de Cobro collects defaulted business and consumer loans issued by Banco Pastor's 633 Spanish and ten international branches, as well as distressed receivables of third parties. Manuel González will continue as managing director of Acción de Cobro, according to the companies.
The purchase, according to company officials, strengthens EOS Group's market position as an international provider of receivables management. "EOS enters the Spanish debt collection market with the acquisition of Acción de Cobro. The undertaking fits into the general growth plan of the EOS Group," said Hans-Werner Scherer, EOS Group's chairman.
Unpaid receivables in Spain grew by approximately 80% last year, and are expected to grow because of macroeconomic developments, according to the company.
"There are a lot of opportunities to be exploited and the new partnership is all geared up to do that," Scherer said. "EOS will profit from Acción de Cobro's more than ten years of local collection experience in the country."
Jorge Gost, Banco Pastor's CEO, said the company had been looking for a partner that would provide a boost to Acción de Cobro's resources and provide expertise in international collections.
"EOS is the ideal partner, a solid, reliable and competent company whose values are in perfect accordance with ours. As an example, EOS has decided to maintain the same staff and management that Banco Pastor Group employed to date," Gost said.
"Clearly, they have shown commitment and determination to grow the business in Spain and deal with the majority of Banco Pastor's unpaid receivables volume," he said. "We are convinced that this is a path for success in the midst of an unprecedented global crisis."
Atlas Capital served as financial advisor for the deal, consulting both Banco Pastor and EOS in the process.
