Oliphant Financial LLC, a debt buyer in Sarasota, Fla., has purchased most of the portfolio assets owned by Performance Capital Management (PCM), a Buena Park, Calif. debt buyer that is being liquidated.
PCM had created a subsidiary, Matterhorn Financial Services LLC, to purchase portfolios. In 2004, the company received a $25 million credit facility from Varde Investment Partners. After defaulting, ultimately the parties agreed to sell the portfolios owned by Matterhorn to settle what was owed to Varde.
Robert Morris, chief executive at Oliphant Financial, credited PCM for helping facilitate the deal. "Transactions like this are normally much more complex but things really came together smoothly in large part because of the assistance of Dave Caldwell [chief operating officer at PCM] who was and continues to be helpful every step of the way," Morris says. "We’re very excited to have worked with him on this project."
Oliphant Financial, according to published reports, plans to add between 100 and 150 jobs at a new headquarters in Manatee County, Fla.
