Encore Capital Buys Propel Financial Services
By: Leon Castles
on Monday, May 14, 2012
San Diego based Encore Capital Group has recently announced their new deal with Propel Financial Services. The company announced that they were searching for better business deals that can help them to secure better market place and therefore they went ahead with this agreement. Encore Capital Group handles and collects default credit card debt. The company was recently in the news for selling off one of their services, but the company has decided that they would have better business future with this acquisition.
Encore Capital Group also said that they already have $160 million in their credit line and they will make use of that cash to complete the deal. The company revealed that they have had a better first financial quarter in the year 2012 as they managed to earn $11.4 million. The company feels that they need to work harder for the rest of the remaining months to post better financial results. Encore Capital said that Propel Financial Services work with various property owners and find those who are delinquent in paying taxes to restructure the debts. The company believes that this deal will help them recover all the losses that they have made in the past year. The company has also announced that they are looking to employ more people as they will have better business on their side.