Portfolio Recovery buys firm in Scotland

By Carolyn Shapiro
The Virginian-Pilot
© January 18, 2012

NORFOLK

Portfolio Recovery Associates Inc., a Norfolk company that buys pools of consumer debt and tries to collect it, has acquired a Scotland-based company that does similar work.

Portfolio Recovery bought all of the equity interest in Mackenzie Hall Holdings Ltd., based in Kilmarnock, Scotland, for about $51 million in cash. Mackenzie Hall employs about 170 people and handles debt collection for banks, credit providers and debt purchasers, as well as purchasing "distressed" and "dormant" portfolios of debt.

Portfolio Recovery has more than 2,500 employees and operates in 10 states. Mackenzie Hall will be its first operation outside the United States.

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Posted to: Business Norfolk

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