US debt buyer Portfolio Recovery Associates (PRA) has snapped up the Individual Voluntary Arrangement (IVA) business of Pamplona Capital Management.
Pamplona’s IVA servicing platform and IVA management team have moved across to PRA as part of the deal.
The transaction is scheduled to close on or before June 30, 2014, and PRA plans to continue to operate out of PCM’s existing facilities during a short transition period after closing.
During that period, PCM will provide certain ongoing services and support to the PRA IVA team before moving to a new location.
“The team and I are very excited about joining PRA,” said Andrew Berardi, partner at Pamplona.
“The company is a leader in the debt buying industry with a strong culture of compliance and well established systems, processes and procedures. This will make for a smooth transition, as well as provide continued support for the IVA team as it moves forward.”
PRA plans to locate the new office in central London to provide easy access for its business partners.
Steve Fredrickson, chairman, president and chief executive officer, PRA, said: “This transaction will expand PRA’s presence in the U.K. and build on our successful acquisition of U.K. consumer debt since 2012.
“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.”