Portfolio Recovery Associates (PRAA) purchases several assets from Pamplona Capital Management, among them PCM's IVA Master Servicing Platform. IVA's - individual voluntary arrangements - are an alternative for U.K. consumers looking to avoid bankruptcy.
The deal also includes PCM's IVA management and analytical team. It's scheduled to close on June 30.
PRA CEO Steve Fredrickson: "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."
Terms were not disclosed.