NORFOLK, VA ? Portfolio Recovery Associates Inc., which buys consumer debt in default and attempts to collect it, has begun to diversify.
The Norfolk-based company said Monday that it bought the assets of a privately held Las Vegas company that tracks down borrowers in default and their assets on behalf of auto lenders.
Portfolio Recovery said it paid $12 million in cash and $2 million in Portfolio stock for IGS Nevada Inc. The total price could increase by $4 million depending on IGS Nevada?s performance in 2005 and 2006, Portfolio Recovery said.
In addition to having employees and techniques for tracking down debtors in default and their assets, IGS Nevada has a nationwide network of repossession agents, said Steven D. Fredrickson, Portfolio Recovery?s chairman, president and chief executive officer.
For this complete story, please visit PRAA Commentary: Acquisition Diversifies Local Debt Collector.
