View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 28, 2014updated 04 Apr 2017 2:28pm

Encore Capital to buy stake in Grove Capital Management

Encore Capital Group, a US-based specialty finance company, has agreed to acquire a controlling stake in Grove Capital Management, a UK-based investment group.

By Verdict Staff

Encore Capital Group, a US-based specialty finance company, has agreed to acquire a controlling stake in Grove Capital Management, a UK-based investment group.

The deal, which is subject to regulatory approval, is expected to be completed at the end of March or in the second quarter of 2014.

The agreement will expand Encore’s presence in the UK and will allow it to offer a wide range of offerings to clients in the UK market.

The partnership with Grove will allow Encore to allocate capital in multiple asset classes in multiple geographies to deliver best returns for its shareholders.

Ken Vecchione, CEO of Encore, said: "Through this transaction, Encore will broaden the suite of services it offers in the UK, while also gaining access to another channel through which to deploy capital."

Kevin Fuller, CEO of Grove, said: "The agreement with Encore shows the value of Grove’s market position and represents the start of an exciting new stage in our growth. With access to Encore’s strong capital position, we can be a stronger partner for our UK clients and accelerate our growth in Spain and other European markets, while maintaining the agility and responsiveness that have been key to our success."

Grove, a fund management firm launched in 2010, purchases credit portfolios and has a focus on UK insolvencies and Spanish assets, while Encore provides debt recovery solutions for consumers and property owners across a broad range of assets.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International