Encore Capital Closes Acquisition of GroveFriday, April 4, 2014
Encore Capital Group Inc., the San Diego buyer and collector of charged off credit card debt, said it closed its acquisition of a controlling stake on Grove Capital Management, a British firm that is focused on insolvencies in the United Kingdom and Spanish assets.
Encore didn’t say what it paid for the company.
Launched in 2010 to capitalize on growth in debt portfolio sales in the U.K., Spain and other markets, Grove has invested more than 100 million British pounds, or about $165 million in its first three years of operations, the company said.
Encore CEO Ken Vecchione said the recent acquisition, along with others, provides it with more options to allocate capital in multiple asset classes in various markets that will give shareholders the best returns.