PRA Acquires UK IVA Platform From Pamplona Capital Management

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Go back to PRA Acquires UK IVA Platform From Pamplona Capital Management

Portfolio Recovery Associates (PRAA) Purchases Assets of Pamplona Capital Management

February 4, 2014 8:43 AM EST

Portfolio Recovery Associates, Inc. (Nasdaq: PRAA) announced the acquisition of certain operating assets from Pamplona Capital Management, LLP (PCM).

These assets include PCM's IVA Master Servicing Platform, as well as other operating assets associated with PCM's IVA business. IVAs, or individual voluntary arrangements, are a formal alternative for U.K. consumers to primarily avoid bankruptcy.

The transaction also includes the hiring of PCM's IVA management and analytical team, led by Andrew Berardi. Mr. Berardi has been instrumental in establishing PCM as a leading competitor in the U.K. IVA... More