Minneapolis, MN ? Nicollet Capital Partners LLC (NCP) announces the closing of a $10 million debt purchase facility by a Card Acquisition, LLC sponsored joint venture. Terms of the new facility were not announced. This facility will be used to acquire, or acquire interests in, portfolios of non-performing consumer debt.
Founded in 2002, and venture funded by Nicollet Capital Partners LLC, Card Acquisition acquires portfolios of non-performing consumer debt for its own account or in partnership with other debt buyers. The Company?s primary debt recovery method centers on an approach that allows debtors to resolve their old debt obligation by transferring a settlement amount to a newly issued credit card. This unique approach is consumer friendly and is designed to provide the consumer with a new financial tool while resolving their old debt.
?We are pleased to see Card Acquisition expand its joint venture model with other debt buyers? said Gary Peet, Managing Director of Nicollet Capital Partners, continuing to note that ?this new facility for debt purchases is an important step for Card Acquisition and its partners?. ?I appreciate the efforts of Nicollet Capital Partners in bringing us together with our new partners,? commented Michael J. Philippe, President and CEO of Card Acquisition. ?NCP?s advice, assistance and financial support has been an important factor in our growth and success.
