NORFOLK, Va., May 18, 2015-- PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, today announced its expansion into the German insolvency debt purchase market with the hiring of Dr. Udo Kords, who was previously the managing director of Max Deutschland GmbH ("MAX"), a subsidiary of SUBITO AG, and his specialized analytics team which includes Dennis Flugel, who has worked with Dr. Kords for more than seven years. PRA also acquired licenses in certain of MAX's intellectual property.
Dr. Kords will serve as the investment director for PRA Group's Insolvency Investment Services business in Germany, reporting to Andrew Berardi, managing director for Insolvency Investment Services in the UK.
"Udo and Andrew previously worked together at the investment banking firm Bear Stearns International, where they built a successful platform to purchase German consumer insolvencies in 2007. We are very excited to add a new market to our Insolvency Investment business," said Mike Petit, president, Insolvency Investment Services, PRA Group.
Alexander Holzgreve, managing director acquisitions Europe for PRA Group, added, "Building a dedicated consumer insolvency purchasing business will enable us to provide an enhanced competitive offering to our existing and prospective client base in the German market."
Dr. Kords will maintain his office in Hamburg and work closely with Dr. Marcel Kochling, acquisitions director for Central Europe, and Matteo Gervasi, acquisitions director for Italy and Germany, to cultivate and manage PRA's client relationships in Germany.
"This transaction is another example of how PRA is leveraging the 2014 acquisitions of Aktiv Kapital and Pamplona's IVA servicing platform to further expand into new markets and enhance our competitive position," said Steve Fredrickson, chairman, president and chief executive officer, PRA Group.
About PRA Group
As a global leader in acquiring defaulted receivables, PRA Group (Nasdaq:PRAA) returns capital to global banks and other creditors to help expand financial services for consumers in North Americaand Europe. PRA Group companies collaborate with customers to help them resolve their debt and provide a broad range of additional revenue and recovery services to business and government clients.
PRA has been recognized as one of Fortune's 100 Fastest-Growing Companies for the past three years and one of Forbes' Best Small Companies in America for eight consecutive years since 2007. For more information, please visit www.pragroup.com.
About SUBITO AG
Founded in 1990, the SUBITO Group has established itself as a successful partner for financial companies, providing software and consulting in the area of credit and debt management for banks, collection service providers and industrial companies. For more information, please visit www.Subito.de.
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